Take advantage of the $20,000 instant asset write
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.
businesses can claim an immediate tax deduction for any individual
assets they buy costing less than $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.
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