Spend money on artwork, not tax!
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If you're a business owner, did you know that you may claim a tax deduction for purchasing artworks as a part of your office, or home office expenditure?
According to the good news, the tax depreciation limit for artworks has been removed until 2023, which was previously set from $30,000 to $150,000.
And as you would already know, it needs to be declared on or before the end of the financial year to take advantage, which is the 30th of June.
However, there are guidelines to be followed on what artworks are qualified for this exemption. They must be:
- Tangible
- Purchased principally and to be used/hung for a small to medium-sized business space
- Capable of being moved
- Not be trading stock
- No limit to the number of artworks as long as each of them costs less than $150,000
Simple as that! You've got until June 30 this year to take advantage of the tax break and get your orders in from the gallery.
You can also check out Brooke's sister gallery, Artwork for Any Space if you have bulk/quantity needs.
And please remember, we're always happy to help you with a full design and sizing consultation….
Simply message us or visit the gallery for more details. 👍