Aussie business owners: The tax-deductible art era is ending soon.
Instant Asset Write-Off for Artwork: Ending 30 June 2025.
After nearly a decade in place, the Federal Government has confirmed that the Instant Asset Write-Off Scheme will officially end on 30 June 2025.
This long-standing incentive has allowed eligible small businesses to claim an immediate 100% tax deduction on asset purchases — including artworks — up to the value of $20,000.
Under the current rules, small businesses with an annual turnover of less than $10 million can still take advantage of this scheme until the deadline. That means eligible businesses can purchase artwork and instantly write off the full amount, rather than depreciating the cost over several years.
This is a fantastic opportunity for businesses looking to enhance their space with original art while benefiting from a valuable tax incentive.
Key Points:
- Instant Asset Write-Off Scheme ends 30 June 2025
- eligible small businesses with a turnover under $10 million
- under $20,000 per item
If you've been considering investing in artwork for your workplace, now is the time to act. This is the final financial year to access this generous tax deduction.
Visit the ATO website for more information, and be sure to chat to your accountant.
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