Tax Deductible Art


Q: Is tax Deductible Art even a real thing

A: Yes. Yes it sure is!

Break it down for me

The Australian Taxation Office views artworks as investments and depreciating assets.
Under the Instant Asset Write-off scheme, purchasing art for your workspace is 100% tax deductible. There is no limit on the number of artworks costing less than $150,000 that can be claimed for tax deduction. (**There's some more official info in the next section below).
My limited edition prints make great additions to offices, especially waiting rooms. They're bright and happy and there's plenty to ponder while your clients sit and wait. 
Alternatively, if you happen to own a farming enterprise, these beauties are perfect for 'home office' aka. the kitchen/dining area where all the meetings happen.

Official Tax Advice As Prepared By An Independent, Registered Taxation Consultant

Does the Announcement Apply To Artworks?
Yes, artworks are depreciable assets. Provided the art works are used or displayed in business premises then presently those artworks may be depreciated. The announcement allows artworks acquired from 12 May 2015 to 30 June 2024 to be depreciated at 100%.
Who Does The Announcement Apply To?
The announcement applies to a person carrying on business with their own ABN. For example:  lawyers and doctors, accountants and financial planners, engineers and architects, plumbers and electricians, storekeepers and franchisees conducting their own business may apply the concession of a 100% depreciation for artworks.
Can I Purchase More Than A Single Artwork?
Yes, there is no limit on the number of artworks that may be purchased and depreciated at 100%. Several works of different artists or several works of the same artist might be purchased.
Is There A Limit To The Total Amount That Is Eligible For The Incentive?
The limit of less than $150,000 applies to each artwork and not to the total number of artworks purchased. Several artworks might be purchased with a total cost of more than $150,000.
For example:  if 3 artworks, each of which cost $60,000.00, were purchased for a total of $180,000.00 then each of the 3 artworks may qualify for the incentive because each cost less than $150,000.00.
Does the Announcement Apply To New And Old Artworks?
Yes, the announcement applies both to new and old artworks. The artworks must have been purchased between 12 May 2015 and 30 June 2024 to qualify for the 100% depreciation incentive. 
Still in doubt? Email your accountant and ask them. But don;t wait too long, the clock is ticking. 

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