Tax-deductible art? Yes!

Small businesses may be able to buy art tax-free under the depreciation scheme announced in last week's Budget.
[This is archived content and may not display in the originally intended format.]

While the 2015 Federal Budget has had controversial outcomes for arts organisations, there is one glimmer of light in the fray.

The concessions the Government is offering small businesses may allow them to buy art from living Australian artists, providing opportunities both for artists who sell their work and for arts businesses that would like to buy.

From 12 May 2015 to 30 June 2017, small businesses (with the annual turnover of less than $2,000,000) can claim a complete write-off of business assets. There is an an individual threshold of $20,000 for each asset and the assets must be used in some way in relation to the business.

Unlock Padlock Icon

Unlock this content?

Access this content and more

Gina Fairley is ArtsHub's National Visual Arts Editor. For a decade she worked as a freelance writer and curator across Southeast Asia and was previously the Regional Contributing Editor for Hong Kong based magazines Asian Art News and World Sculpture News. Prior to writing she worked as an arts manager in America and Australia for 14 years, including the regional gallery, biennale and commercial sectors. She is based in Mittagong, regional NSW. Twitter: @ginafairley Instagram: fairleygina