Did you know that you can claim artwork as part of your business tax return?

The ATO considers artworks as an investment and a depreciating asset, meaning businesses can take advantage of the instant write-off measure with art purchases, as long as the artwork is tangible, easy to move and is purchased with the intent of being displayed on business premises.

Due to COVID-19, the deduction threshold has recently been changed from $30,000 to $150,000. Eligible businesses and thresholds will vary depending on the date the asset was purchased, so make sure to keep receipts and head to the ATO website liked below for more information.

We recommend speaking with your accountant before making any decisions relating to major capital investments in your business.

If you're ready to start looking for the perfect artworks for your business, Manyung's Online Gallery has over 2000 artworks across 150+ artists - there is something to suit every style, room and budget.

CLICK HERE TO BEGIN YOUR ART SEARCH!