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Claiming Your Artworks As A Tax Deduction In 2024

If you’re wondering whether you can claim a tax deduction on your artwork acquisitions, you’ve come to the right place! With June 30th approaching, it’s an ideal time to explore how your assets can benefit you. Here, we'll explain what you need to know to claim a tax deduction on your artwork purchases.


Who can claim art as a tax deduction?
It's worth noting that every country has different laws around art deductions and who can claim them, so it's best to consult with a tax professional to see what is best for your business. 


AUSTRALIA: The Australian Taxation Office (ATO) considers artwork both an investment and a depreciating asset, making it eligible for deduction regardless of why it was purchased. For employees working from home, a deduction for artwork up to $300 is permissible as part of home office expenditure. Any value exceeding $300 must be claimed using standard decline in value rules.


However, small to medium-sized business owners, turning over less than $500 million annually, enjoy a more significant deduction opportunity. The ATO classifies artwork as an instant asset write-off measure, allowing for substantial deductions.


How much can I claim?

AUSTRALIA: Eligible businesses have the opportunity to claim an immediate 100% tax deduction up to $150,000 AUD per artwork, with no limit on the number of pieces, via the 'Instant Asset Write-off Scheme'. This makes purchasing artwork a more enticing prospect for businesses.

USA: While the U.S. lacks a scheme akin to Australia's instant asset write-off, businesses can deduct artwork costs over time through depreciation or, in some cases, immediately under Section 179, depending on eligibility and circumstances. For more information, consult your qualified tax professional to ensure compliance with IRS regulations and maximize available deductions.


What are the criteria for the artwork?

The ATO classifies artwork as both an investment and a depreciating asset when bought by and for businesses. Whether new or second-hand, artworks meeting the following criteria are eligible for a deduction via the Instant Asset Write-off:

  •  Artwork must be tangible and capable of being moved.

  •  Purchased with the dominant purpose of display in a business premise. It doesn’t matter if your office is in your home or a multi-floor office tower.

  • Not classified as trading stock.


Why invest in artwork and what should I purchase?
Investing in artwork can provide a range of benefits for your business, including:

  • Enhancing your workspace: Artwork adds colour and interest and creates a more pleasant and stimulating environment for employees and visitors.

  • Supporting artists: By purchasing artworks, you are supporting the creative industries and your local art community.

  • Demonstrating your business values: Displaying artwork that conveys your brand identity and values, fosters a favourable perception of your business among clients, customers, and stakeholders.

  • Providing a financial return: Whilst not all artwork is solely considered an investment and is acquired purely for pleasure, it's worth noting that the value of art pieces may increase over time, offering a financial return on your investment.

"This business tax allowance means buying art for your office or business has never been better value. Get in before June 30th" 

Anita has a range of art collections available to suit any savvy collector!

With her paintings skyrocketing in value, don't miss this opportunity to invest in her artwork and yourself, and enhance your workspace while enjoying significant tax benefits!


For all queries about acquiring artwork, contact Anita.

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