As part of the recently announced budget stimulus packages, the Australian Government has increased the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and has expanded access to include all businesses with an aggregated turnover of less than $500m, until 30 June 2020.  This higher IAWO threshold will provide cash flow benefits for businesses that will be able to immediately deduct purchases of eligible assets each costing less than $150,000.

Artworks are both investments and depreciating assets according to the Australian Taxation Office (ATO), and as such, art qualifies as an allowable asset write-off measure. The instant asset write-off is generally claimed back via your business tax return.

Now would be an ideal time to take advantage of this tax benefit.  Contact us today for a consultation.

Image: Tony Cragg sculptures, Sydney Contemporary, September 2019