We are in last days for a small business to take advantage – this financial year- of the $20,000 asset write off.
Small businesses (with the annual turnover of less than $2,000,000) can claim a complete write-off of business assets. There is an an individual threshold of $20,000 per asset and these must be used with relation to the business. In relation to artworks the following applies:
*Artwork should be in a tangible form and able to be moved from one location to another;
*Artworks must be purchased with a dominant purpose of being displayed on business premises;
*Artworks must be created by professional artists registered with an ABN