Claiming your 100% business tax deduction on artwork purchases
With the approaching end of another financial year, it’s important for business owners to understand exactly what can and can’t be claimed as a tax deduction for your business. The last year has also seen several important changes to recent tax deduction allowances to be aware of.
Did you know small businesses in Australia can still claim an immediate 100% tax deduction on all artwork purchased from KAB Gallery for the business?
Did you also know larger businesses can now also claim this fantastic 100% tax deduction?
The Government’s most recent attempt to turbo-charge the Australian economy for a successful recovery from the COVID-19 pandemic saw the older Instant Asset Write-off replaced by Temporary Full Expensing. The best news is that any Australian business can take advantage of this great incentive – not only small businesses like the previous similar schemes. The mechanics remain the same – the ATO allows you to claim an immediate 100% tax deduction at the end of each financial year on any artworks purchased for display within your business. You may decide to hang the artworks in your reception, in a boardroom, within a staff breakout area, or anywhere where they will improve your working environment. The scheme is a huge benefit for business owners throughout the country.
Be sure to seek your own financial and tax advice to ensure your business is able to claim this immediate 100% tax deduction.
And for any queries around which artworks you should purchase to enhance your space, make sure you come to see the team at KAB Gallery!