Have you thought about buying artwork for your business?
Does your reception area need a new look?
Then read on as your business may be eligible to buy artwork tax free this financial year!
ARE YOU ELIGIBLE?
You are eligible if you are a small business or sole trader with an Australian Business Number is eligible for the tax deduction as long as your business has an annual turnover of less than $2 million. This includes independant interior designers, architects, lawyers, doctors and any person with an ABN.
The deduction is claimed in the income year in which the asset is first used or installed ready for use.
The changes apply:
CAN I ONLY CLAIM $20,000?
No, you can claim as many products under $20,000 as you desire. There is no limit.
Always consult your accountant to see if this applicable to your business.