EOFY Art Guide

Eveline Kotai, Middle Ground, 2016, Giclee print on linen, 152 x 182cm (2 panels)
Eveline Kotai, Middle Ground, 2016, Giclee print on linen, 152 x 182cm (2 panels)

Small & Medium Business Owners!

Claim 100% tax deduction on artwork purchases before 30 June.

Who is eligible?

Small to medium size business owners with an aggregated annual turnover of less than $500 million qualify for scheme. It doesn't matter if your office is in your home or a multi-floor office tower, the ATO classifies artwork as both an investment and a depreciating asset when bought by and for businesses. Be sure to check your eligibility with your personal tax accountant.

How much can I claim?

Business owners can claim up to $150,000 per artwork, with no limit to how many pieces of art you can claim. The ATO has stated that an artwork is eligible for tax deduction if it is tangible, purchased principally for a business premise, capable of being moved and not be trading stock. The cost of an asset includes both: the amount you paid for it, plus any additional amounts you spent on transporting and installing it.

The Art Collective WA stockroom is brimming with contemporary paintings, photography and sculpture by many WA prized artists. Browse online here.

Note: the aggregated turnover will change next financial year to less than $10 million.