100% DEDUCTIBLE: THE SMALL BUSINESS TAX DEDUCTION
Small business have the ability to purchase an artwork and deduct the entire amount on their tax return.
How do I know if my business is eligible for the tax deduction?
Small to medium-sized businesses with an annual turnover of less than $500 million qualify for the Instant Asset Write-off scheme. 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.
Small to medium-sized businesses with an annual turnover of less than $500 million qualify for the Instant Asset Write-off scheme. 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.
*more information on ATO website