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Artwork tax deductible before June 30

Art for your home office 100% tax deductible before 30 June.

 

As the end of 2021 / 2022 financial year approaches, there has never been a better time to update your home office or creative space with art!

Did you know that purchasing artwork for your business, including home offices is 100% tax deductible.

 

Artwork in Ronnie and Georgias house The Block ShopNothing completes an office space better than a beautiful piece of artwork, shop our range here.

 

Here's what the experts say;

1: Temporary full expensing will be allowed for corporate tax entities with a turnover of up to $5 billion that satisfy the alternative test;

2: Temporary full expensing will be allowed for artworks bought on the secondary market for entities with a turnover less than $50 million; and 

3: Businesses with a turnover of less than $10 million may write-off the cost of artworks bought on the primary and secondary markets by using the re-pooling rules.

Finally, the artwork must meet the following criteria:
1. Tangibility;
2. Movability;
3. Purchased with the dominant purpose of display in a business premise; and
4. Not be trading stock.

Lastly; Each individual piece must also cost $150, 000 or less, but there is no limit on the number of pieces you can claim under the Instant Asset Write-Off Scheme.

Look, all we see here is.... run, don't walk for some new art, of course we always suggest seeking your own professional advice first.

 

Ronnie and Georgia Spare bedroom the blockRonnie and Georgia created the most perfect spare bedroom with office space. 

 

Office artwork The Block ShopImagery via @pinterest, this is a great way to get some inspiration on how to style your office to impress.

 

Don't forget The Block 2021 contestants spoilt us with some incredible artworks last year. We here at Insider Style can't wait to see what the 2022 contestants choose. Read all about The Block's 2022 Tree Change here

Ronnie and Georgia Artwork The Block ShopRonnie and Georgia created some magical moments using Lizzy Stageman artworks throughout their build. How amazing would these look in an office, yes please!

 

 

Tanya and Vito Artwork The Block ShopI'm getting boardroom vibes from Tanya and Vito's art choice. 

 

 

Mitch and mark cosmo sage the block shopMitch and Mark skyrocketed this artwork into one of The Block Shop's biggest sellers, Cosmo Sage from Print Decor Art is the perfect pastel piece for the office.

 

 

Art from josh and luke the block shopJosh and Luke managed to make bold statements with their art choice, these are the perfect pieces to impress clients when they walk in!

 

Shop The Block Shop's extrensive art range here.

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