Small Business Tax Deduction
“Art washes away from the soul the dust of everyday life.” — Pablo Picasso
Art in the workplace has been proven to support employee well-being, increase performance and reduce stress. It instantly takes a wall from drab to fab and creates a space that your team members feel at home in.
So, if you're a small business and you've been considering buying some artwork for your office, then now is the time!
Under the small business tax allowance, small business who buy artwork to be displayed in their business, can receive a 100% tax deduction immediately at the end of the financial year!
The Prime Minister's budget stimulus announcement this week included an increase in the threshold of the Instant Asset Write Off Scheme from $30,000 to $150,000.
Up to $150,000 can be claimed for purchases of artworks for your office, if purchased before the end of this financial year.
Ok, we know that doesn't give you much time. So that's where we step in! Since 2018 we have worked with over fifteen Australian artists who have graced our yoga products. And while each design is limited, we aim to be a lifelong fan, well after their product has sold out by showcasing their work on the Yogat Artist Directory.
So if you're keen on creating an inspiring workplace, while supporting an Aussie Artist, hit the link below and contact your fave artist to enquire about purchasing a piece of their work!
As artworks qualify under the Instant Asset Write-off Scheme it is now possible to claim a complete deduction of up to $150,000 for artworks purchased by a small to medium-sized business for their premises, subject to four criteria.
The content in this article does not constitute tax advice and should not be relied upon as such. You should seek tax, or other professional advice before acting or relying on any content.