50% Tax Break on Art Purchases for ABN Holders
This is the perfect opportunity to acquire art for your workplace. The Financial Review, June 26, 2009 published an article on the Federal Government's investment allowances for businesses with a turnover of less than $2m, they will be entitled to a 50% tax break on art purchases over $1,000 that are contracted for before December 31, 2009. The assets must be new and used predominantly in the course of your business.
The ATO lists new art as a depreciating asset with an effective life of 100 years.
You should of course obtain your own independent tax advice always.
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