Claiming Artwork at Tax Time 

If you've been considering purchasing new artwork now is the perfect time to take the plunge and invest, as you may be eligible to claim an instant deduction on your tax return. 

So how does it work? 

There are two ways you may be able to claim artwork on your tax return: 

If you are a small business operating out of a commercial office or home office location you may be eligible to claim a 100% write off on artworks worth up to $150,000, per piece. The artwork must have installed or first used between 12th March 2020, up to the 30th June 2023. This is a substantial increase to the previous instant write off threshold which was just $30,000. 

If you are not a small business, but you had to relocate to work at home during COVID-19 you may also be able to claim on artworks. The process and variables differ slightly, but the ATO have created a shortcut way to claim the costs of setting up a home office, which includes claiming on artwork costs. 

Individual circumstances always do apply, so we do recommend discussing your particulars with a tax professional.

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For a full explanation of the taxation specifics please view the Australian Taxation Office website.