Are you an Australian Business Owner? Art is 100% Tax Deductible
I thought this might be useful knowledge for yourself, or your clients. If you are in business and you are working from an office (including a home office), it is possible to claim 100% of artworks purchased for your office boardroom, reception area, employee work spaces or home office. It is a great opportunity to invest in your work environment.
Why? Artworks are both investments and depreciating assets according to the ATO. They are normally subject to a very low rate of depreciation due to their useful life being assessed as 100 years, meaning the usual rate for artworks is only 1% per year.
Also, the fact that artworks are held to be depreciating assets qualifies art for the instant asset write-off measure, the threshold for which has recently been lifted from $30,000 to $150,000 per individual work. The artwork has to meet four criteria to be eligible for the instant asset write-off:
It is tangible;
Capable of being moved;
Purchased with the dominant purpose of display in a business premise; and
Not be trading stock.
There is no limit to the number of artworks costing less than $150,000 that an eligible business may claim a tax deduction for. Please consult your personal accountant for further details and to make sure this is right for you.
If you would like to book and pay for a commission before the End of Financial Year, please let me know. Paintings commissioned and paid for by 30 June will be completed within the next 6 months (first in, first completed).
This Land That Holds Our Souls
Oil, acrylic, Japanese ink on canvas
1.5 x 1.5m
$4,390 + GST (sold but available as inspiration for commissions)
This Land That Holds Our Souls investigates our connectedness with one another, and with the land we live upon. It portrays an evolving ecosystem, all parts woven together in astonishingly intricate ways. Viewers may recognise the curve of the landscape around Daly's Reach, a section of the Brisbane River named after the artist's forebears.
White Salt Nets IV
Oil and wax medium on canvas framed in Tasmanian oak
1.8 x 0.9m
$2,950 + GST (sold but available as inspiration for commissions)
Northern Hills Diptych
Oil and wax medium on canvas framed in Tasmanian oak
Diptych of 2 canvases each 0.44 x 0.54m
$990 + GST (sold but available as inspiration for commissions)
Email me with your thoughts and ideas on art that is perfect for your workplace. I will send you a quote, estimated time for completion and an invoice. Pay before 30 June and if you are eligible (check with your accountant) claim the full amount on this year's tax.
Looking forward to making your next painting.
Sarah
sarah@dalyandx.com