Tax deductible street art
We know from our own experience that art not only boosts morale in the work place. But it can distinguish businesses and impress clients. Now the government is giving small business a reason to invest in some custom canvas artwork for your business.
Following a recent budget stimulus announcement, the threshold of the Instant Asset Write-off Scheme is set to soar from $30,000 to $150,000. What’s more, the deadline for making any claims is usually fixed as the end of the financial year in June. In response to the Covid-19 pandemic, this deadline has recently been extended a further six months, giving a small business a better chance to acquire and install assets. So, you can now claim back up to $150,000 spent on artwork for your small business before the extended deadline of 31st December 2020.
To be eligible there are a few requirements that must be met in order for the art work to be considered, they are as follows.
- Businesses must have a turn over under 2 million
- Must be used in some way for the business
- Must be displayed / used in the business
- Art work should be tangible
- Art work must be able to be moved to another location i.e. canvas
- Art work must be created by an artist with a registered ABN
So If you’re lobby, office, restaurant or bar is in need of new artwork now is the perfect time to contact our team and get your custom designed canvas artwork before the end of June 2019.
We do how ever recommend that you talk with your accountant so they can explain exactly how this will work for you and your business.
Make sure you check out our corporate murals for some ideas of what we could paint for you
Send us a message if you would like to discuss what we could create for your workspace.
