Until 30 June 2017, small businesses (with an annual turnover of less than $2-million) can take advantage of a 100% tax deduction on the purchase of artwork for their business to the value of $20,000 per item.

This forms part of the Federal Governments 2015 budget which allows small business to claim an unlimited number of tax deductions for equipment and other items valued at less than $20,000 each. There are however a few things to consider:

• Artwork should be in a tangible form and able to be moved from one location to another (ie, painting, sculpture, works on paper, etc)
• Artworks must be purchased with a dominant purpose of being displayed on business premises

Please note, as with the case of all major capital investments in your business, it is wise to speak to a tax professional first before making any decisions.