If you've been considering purchasing a new piece of Artwork but have been hesitant, now is the perfect time to invest.
You may be eligible to claim an instant tax deduction on your tax return for this End of Financial Year.
There are two options on how to claim artwork on this years tax return.
If you operate a small business out of a commercial office or home office location, you may be eligible to claim the full 100% write off on artworks worth up to $150,000 per piece.
It is important to note that the artwork must have been installed or first used between the 12th March 2020, up to the 30th June 2023. This is a large increase on the pervious value of $30,000.
The second way you can claim this tax deduction if you are NOT a small business owner but you had to relocate to work from home during covid-19, you may also be eligible to claim a tax deduction on your artworks.
With this option the process and variables do differ slightly, but the ATO has set up a shortcut way to claim the various costs of setting up a home office including claiming on artwork.
This truly is a fantastic opportunity to freshen up your home or office space with exciting new artworks. Visit us in-store or online at Plumegallery.com to view our entire collection of extraordinary works.
Please consider individual circumstances vary, so we recommend discussing your options with your accountant or tax professional.
If you have any questions or queries please visit the ATO's official website.