Tax Deductible Art | Buying Art for Your Small Business
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. Therefore, 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 complete write-off of business assets. 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, it must be tangible, movable and exhibited on your business premises. Michael Fox, a tax accountant from Melbourne who specializes 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?
At the Angela Tandori Fine Art office, 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. On the flip-side are Robert Jacks's complex, poetic abstract forms.
Please note: This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional.