02 9683 5999The Tax Office has confirmed that an investment allowance of up to 50% of the purchase cost is available to small businesses, for the acquisition of artworks.
The eligibility criteria are as follows:
- Annual turnover of the purchaser must be less than $2 million.
- Artworks must be purchased by 31 December 2009.
- Purchase cost must be $1,000 or more.
- Artworks must be in a portable and tangible form.
- Artworks must be the recent work of a living artist with a registered ABN, and cannot be owned by any other party prior to the acquisition.
- Purchases must be made directly from the artist, or their agent or commercial gallery.
- The business must demonstrate a dominant business-related purpose for the display of the works, such as in offices and meeting rooms of the business premises.
- Artworks cannot be purchased as trading stock, thus galleries and art dealers will not qualify.
If you do qualify, there is no better time to give your office a makeover.
