Tax-deductible Art for your business!
Did you know that you can invest in up to AU$20,000 of artwork for your business in Australia and write it off as a taxable deduction?
Above; 'Rollin' in the Deep', 91x123cm Acrylic on canvas, 2017 ©OEAlexander
A Business Incentive
This was brought in by the Australian government in the 2015 budget and ends on the 1st July, 2017 so there's no time to waste if you're interested in getting some art for your office or business. What a fantastic opportunity to create an image for your business and at the same time support Australian artists.
There are a few rules of course...
You must purchase from Australian artists
They must have an ABN
Artworks must be under $20,000 each
An immediate deduction can be made for artwork as long as it's not stock i.e. as in a gallery.
if the artwork is sold in the future at a profit then it would be classed as income.
the art must be movable.
Above: 'Immerse', 76x122cm Acrylic & mixed media on canvas, ©OEAlexander 2017
Find out more..
You can read more in this article from the Sydney Morning Herald
Also, here is the link to the ATO website.
NB: If you'd love some art for your business then I'd recommend that you check this out your tax-deductible options with your accountant first.
Don't wait too long though, as there's only a few more weeks before this ends.
Need some help in selecting artworks for your business?
Let me know if I can be of assistance in selecting artworks from my range as I'm happy to help you.
I also give a discount of 10% on the purchase of more that one piece.
You are welcome to visit my studio if you live in the local area, I'm not far from Brisbane.
If you need some ideas for starting your collection then check out this article I wrote for Artlovers Australia.
Ciao for now,
Mob: 0411 197 254
Above: 'Point of Impact', 38x57cm mixed media on 300gsm paper, unframed, ©OEAlexander