EOFY TAX DEDUCTIONS
Take advantage of the $20,000 instant asset write off.


Running A Small Business or a Sole Trader?
Full Business Tax Deduction For Artworks Up To $20,000

An immediate tax deduction for any individual assets costing less than $20,000 for use by businesses with an ABN and with turnover of less than $2million.
All small businesses can claim an immediate tax deduction for any individual assets they buy costing less than $20,000.  

This $20,000 limit applies to each individual item. Small businesses can apply this $20,000 rule to as many individual items as they wish.  So now could be the perfect time to refresh you lobby, office, boardroom – even your café – with a great work of art.
 
We recommend that you seek your own tax advice to make sure it applies to you.
But if it does, there is still time to claim the deduction this financial year if the art is delivered and paid for by 30 June 2017.
click here for more information from ATO Small Business News

Image Adrienne Doig 
Rosellas and Me, 2016
79 x 46.5 cm

Acrylic, applique and embroidery on linen



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