TAX DEDUCTION ON ART

Small businesses can claim a 100% tax deduction on art in this current financial year ending June 30 2017

***2017 FEDERAL BUDGET UPDATE***

THE TAX DEDUCTION HAS BEEN EXTENDED FOR ANOTHER YEAR AND THE TURNOVER THRESHOLD INCREASED TO 10 MILLION DOLLARS

100% Tax Deduction now ON

Businesses turning over less that $10 million can purchase art and take advantage of a 100% tax deduction in this financial year.

Unlimited works under $20k EACH

You may purchase and claim the deduction on as many works as you like, as long as each individual piece costs less that $20,000.

HURRY - IT ENDS june 2017

The chance to claim in this financial year ends this on June 30th 2017. You can also claim again in the 2017-2018 financial year. 


 

First with the Financial Benefits of Buying Art

Wentworth Galleries were first to announce this information in 2009 and first again in 2015. The first time around in 2009, The Financial Review contacted us to request more information when they saw our sign in the window of our Sydney Gallery. We gave them all the information they needed to confirm the deduction was available for art.

The second time, we were the first on record as noted by the Sydney Morning Herald when we sent out an email to our collectors announcing the availability of the deduction. Our announcement was then echoed on 2GB - where Scott Morrison (Minister for Social Services) stated that art purchases for business up to $20,000 were 100% tax deductible. Other galleries have since jumped on board which is great for Australian art. We constantly stay on top of financially effective ways for you to purchase art so sign up today and keep on top of the best ways to buy art.

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Businesses turning over less that $10 million can purchase art and take advantage of a 100% tax deduction in this financial year.

You may purchase and claim the deduction on as many works as you like, as long as each individual piece costs less that $20,000.