To claim a tax deduction on artwork purchased for your home office or business space, the artwork has to meet the following criteria to be eligible for the instant asset write-off.

It must be:

- Your business has an annual turnover of less than $10 million.

- The artwork is a tangible, movable asset used primarily in business.

- Each artwork costs less than $20,000 (excluding GST if registered).

- The artwork is not trading stock.

Please note that from 1 July 2025, the instant asset write-off threshold is scheduled to revert to $1,000. Therefore, this may be the final year to take full advantage of this incentive at the current threshold.

As always, consult with your accountant or tax advisor to confirm eligibility and applicability to your specific circumstances.

If you are interested in taking advantage of this incentive, reach out to our Art & Design team by emailing art@manyunggallery.com.au, or view our Online Gallery and start shopping now!