The Business of Art: The value of art in small business and how to buy it.
Apparently, art can decrease stress levels. Our brains are hardwired for it - we process art, excite our minds and then move on, refreshed and invigorated and these benefits are no sweeter, than in the workplace. Art can boost morale, distinguish businesses and impress clients - plus, it looks great! Now with works of art tax deductible, the time is ripe to invest in art for your small business.
How to Claim a Tax Deduction for Art
Buying art for your small business can be claimed as a full tax deduction. Broken down, this means if the tax department defines your business as small then you can claim as many individual works of art as you like as long as each is less than $20,000.
What artworks can I claim?
To claim a work of art it must be exhibited in your business premises. Michael Fox, a tax accountant from Melbourne who specialises in the arts says “...if you aspire to collect, then art can be a gateway, not only to becoming a custodian of culture in this country but to being a law abiding tax payer who is trading incredible art for tax breaks!”
What works well in the office?
The below works are just a few examples of pieces that are framed and ready to hang in your office, reception, boardroom or showroom. Some of our artists are also available to commission artworks - just send us an enquiry. Who says work and play can’t mix?
Please note: This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional.
John Olsen is as effervescent, as he is infectious. In The Squid at Sunset, he merges the joys of food, family and the ocean. Set atop a kitchen table Olsen paints a squid - one of his most beloved motifs. Let clients feast their eyes on Olsen’s poetry of life. And if you think this painting looks familiar... you are right. It is a companion piece to the 2005 Archibald prize winning painting ‘Self Portrait Janus Faced’.
Pro Hart is known for capturing the spirit of outback Australia. His reverence for hard work, whether on canvas or down the mines, helped propel Hart to national fame. In Monday Morning Miner, he reflects on life as a miner in Broken Hill.
In Luna Park Christopher Rimmer peels back the dark side of St Kilda. This unexpected take on the amusement park will turn heads in any Melbourne-based business.
It is recommended that you seek your own tax advice to ensure this opportunity applies to you.