Tax Deductible Art: Buying Art for Your Small Business
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. These benefits are no sweeter, than in the workplace. Art can boost morale, distinguish businesses and impress clients. Plus, it looks great. Now with certain artists tax deductible, the time is ripe to invest in art for your small business.
How to Claim a Tax Deduction for Art
Up until June 30th 2017, buying art for your small business can be claimed as a complete write-off of business assets. Broken down, this means if your business is turning over less than $2 million, you can claim individual works of art that are less than $20,000.
What artworks can I claim?
To claim a work, it must be tangible, moveable and exhibited on your business premises. It must also be by a working Australian artist - that is, he or she must enjoy an active career and have an ABN. Luckily, Australia has a cornucopia of practising artist poised to uplift the working week.
What works well in the office?
At Angela Tandori Fine Art, we bask in the aura of a Christopher Rimmer photograph. His beach-bound cows are beautiful, start conversation and are also surprisingly calming. The work of Eddie Botha has a similar effect. His mixed-media insights into metropolitan life would make charming and quirky input at any office.
For those in pursuit of vibrancy, Nigel Sense’s portraits of footy stars or explosive bouquets may be the answer. On the flip-side are Fabrice Bigot’s achingly enticing close-up, dark-lit studies of botanics.
There are so many artists in fact, we curated a collection of some standout tax deductible art to spice up your office, reception, boardroom or showroom. Many of these artists are also available to commission artworks. Who says work and play can’t mix?