instant asset tax deductible

 

 AUD 150,000 ALLOWED per artwork

​

 australia

​

​

Small to medium-sized businesses with an annual turnover of less than $500 million qualify for the Instant Asset Write-off scheme. The Australian Taxation Office has stated that an artwork is eligible for tax deduction if it is:

​

• Tangible

• Purchased principally for a small to medium-sized business premise

• Capable of being moved

• Not be trading stock.

​​

The ATO considers artworks as an investment and depreciating asset when bought by and for businesses. This makes purchasing art for your workspace under the Instant Asset Write-off scheme 100% tax deductible. Following the Budget Stimulus Package announced by the Prime Minister, there’s no limit to the number of artworks costing less than

AUD 150,000 to claim a tax deduction at the end of the financial year.

​

Deadline Changes

It is the customer / buyer responsibility to check for any changes to the Instant Asset Write-Off Scheme availability, timing and financial deductibility. 

​

International

Outside of Australia check your local tax deductible options.