Art to Art | Good news at Tax Time

Good news at Tax Time

Preparing in advance for the end of financial year could give your small business a big boost. There’s never been a better time to buy art for your business than right NOW! Let us tell you why.....

Whether you are buying art to enhance your boardroom, reception or home office, now is the perfect time to do so! You'll need to get on to it as artwork purchases need to be installed in your workplace before the end of June 30th 2019. The small business instant write off has just increased to $30,000! 

Art purchases for up to the value of $30,000 may be 100% tax deductible for small business taxpayers and there is no limit to how many artworks a small business entity can claim. Great news for an art lover like yourself!

Boardroom, not boring room!

Martha New

Give your small business a big boost. 

Art as an investment is becoming increasingly accepted in the financial world and is considered as an aesthetic pleasure with the potential for financial long-term benefit. As art prices have increased  investors are becoming more likely to include art in their portfolios. The world’s wealthiest families and largest companies have been collecting art for hundreds of years and know this all to well.  One main reason for investing in art other than for their beauty, is that the price of an individual work of art could perform better than average, just like stocks. 

“Business owners are beginning to understand that displaying artwork in the workplace does more than make the office aesthetically pleasing; it can actually increase employee efficiency, productivity, and creativity.” - 

Art reflects your companies values

Josh Fartch Insitu

Why buy art for the office?

Bare walls are not inspiring and by surrounding yourself and co workers with stimulating original art sends a message about your values and is a freedom of expression. Not to mention it shows you have an interest in aesthetics and care about your space’s appearance conveying a free-thinking and creative work environment. 

Be sure that what art you choose aligns with the values of your company which means a client is more likely to take your business more seriously and feel more at “home” in your office. If you have the space, big, bold pieces really brighten up the office. 

Art as a long term business investment

Angie Goto Insitu

Our Top 7 Tips when purchasing art for your office:

  1. Buy original art. An original artwork will maintain its value and even people that don’t know a lot about art can spot a replica or inferior product. If you buy an original painting, you will be the only one that has it, which says you understand the importance of being unique. 
  2. Buy what excites you rather than what you think other people will like. Art is an expression of your own personality and your companies. When in doubt go BIG!
  3. Decide what you are comfortable spending and buy the best you can afford. Look for works that have a better than average chance or providing you with a good appreciation in value over time. 
  4. As with all commodities, try to buy low and sell high. Buying local and contemporary art makes sense as you are supporting your community and will grow along side your collection.
  5. Art is a long-term asset. Consider in investing art over a long period to build up a strong portfolio of work for your company. Maybe one or two pieces a year and over time watch it grow. 
  6. Always ask for a Certificate of Authenticity and a receipt as evidence of your purchase. Any artworks above $2,000 should be specified on your home and contents insurance, or business premises insurance, as the case may be. 
  7.  Remember to buy before June 30th, 2019 to claim the Australian Government $30,000 tax incentive. 
Kate Debbo Insitu

Frequently asked questions: 

When is the best time to buy art as a tax deduction? Generally speaking, provided the work of art is purchased, and is installed in business premises prior to 30 June 2019, small business entities may be eligible for the outright deduction for works of art to a value of $30,000.00 

How do I get more information to see if this applies to our business?  We strongly recommend consulting with your tax professional regarding whether your business may be eligible for the deduction described herein. 

Taxation Ruling as follows:


Art to inspire YOU to work better

Jo Dyer Insitu

Talk to us today! 

Please feel free to contact us to discuss how we can help you find the perfect artwork for your home office or corporate space. Please contact or call 0413 945 249.

Disclaimer: This document is not intended to offer any financial or taxation advice to readers.  We recommend you consult with your financial and/or taxation adviser, prior to making any decision.