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.
To take advantage, artworks must be purchased and installed before 30 June 2023, as the temporary full expensing program ends.
Small to medium-sized businesses with a turnover below $500 million can benefit from the Instant Asset Write-off scheme. Artwork purchased for business premises qualifies for a tax deduction:
- It should be a tangible item.
- The artwork should be primarily purchased for your business premises.
- The artwork should be movable.
- It should not be considered trading stock.
Visit ato.gov.au for eligibility details: