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. These benefits are no sweeter, than in the workplace. Art can boost morale, distinguish businesses and impress clients. Plus, it looks great. Now with art tax deductible, the time may be ripe to invest in art for your business.
How to Claim a Tax Deduction for Art
Up until June 30th 2020, buying art for your business may be claimed as a complete write-off of business assets. Broken down, this means if your business is turning over less than $50 million, you may be able to claim individual works of art that are less than $30,000. The instant asset write-off threshold may be employed on multiple depreciating assets.
What artworks can I claim?
To claim a work of art, it must be exhibited on 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?
For those of us waiting for a brainwave to strike, free your imagination with a dive into Wonderland. You never know what clever ideas will come from taking a tea break, or maybe heading to a tea party...
Whether your hankering after a conversation piece, meander down the Yellow Brick Road or a fine art view - all the works of art could brighten up the workday! And if you're after something custom, why not ask us whether your favorite artist is available for commissioned works? Who says you can't mix work and play!
So happy EOFY! We know this time of year can be stressful, but perhaps the allure of art can help make the workload enjoyable - and maybe we can too. If you need a professional hand consulting, framing or valuing your collection - just let us know