It’s that time again. Tax time. The time of year, you scramble about to gather all your invoices, your receipts, your deductables. Hair pulling is optional, but some stress is usual.
If you are a small business owner, it’s vital to understand exactly what can and can’t be claimed as a tax deduction for your business. But did you you know this one …..
Did you know that you can claim an immediate 100% tax deduction for your small business on all artwork purchases under $20,000?
It’s true, the ATO allows small businesses to claim an immediate 100% tax deduction at the end of each financial year on any artworks purchased for display within your business.
You could be hanging any of the Sydney Road Gallerys artists collectable artworks in your re-ception area, a boardroom, a common staff area, a hallway, or anywhere where they will en-hance your working environment. You could even start your own company collection.
Sydney Road Gallery can offer you the services of curator Sarah Montgomery and / or the opportunity of taking selected works to your business location, to see how everything looks in your space.
This generous deduction falls under the ATO’s simplified depreciation rules, allowing small busi-nesses to claim a 100% deduction rather than adhering to a regular depreciation schedule. At this stage these special rules are due to end on 30th June 2019, so this means you only have this month left to make your qualifying purchase of some fantastic art ! You are free to pur-chase and claim as many artworks as you wish, just as long as each individual artwork has been hung within your business before 30th June 2019 and each piece does not exceed
The diversity of the nine artists at Sydney Road Gallery, means you are spoilt for choice, with mediums covering contemporary painting, cermaics, printmaking, photography and sculpture.
Be sure to seek your own financial and tax advice to ensure your small business is able to claim this immediate 100% tax deduction.
And for any queries around which artworks would be right for your space, contact our gallery manager, Thomas Retter 0444 595 580 | email@example.com