Tax Break for Art Purchases

Time to buy ART....Enhance your business NOW!

The Australian Tax Office is now offering a 50% rebate to small businesses for art purchases made before the end of the year.

The ATO has recently confirmed that small businesses are eligible to receive an investment allowance of up to 50% on the purchase before December 31st, 2009.

This is great news for artists and galleries in Brisbane and for small businesses who wish to enhance their workplace. 

There are a few guidelines to ensure you are eligible to take advantage of the Tax break. 

1. Small business must have a turn over less than 2 million per year
2. Artwork should be portable and in  a tangible form
3. Artwork should be held for at least one year before being sold
4. Art must be purchased before DECEMBER 31st 2009
5. Only purchases above $1000 qualify
6. Art can only be purchased through the artist, their agent or commercial gallery representing the artist
7. Art must be originals by professional living artists who are registered with an ABN and not owned by another party but the artist prior to purchase.

Specialised Art accountancy firms argued with the ATO that an art enhanced workplace can generate greater productivity.

SO if you are a small business owner, know someone who is, and wish to bring a little into your workplace......I know just the ART for you!

This a a great time for both of us as my next exhibition is just a few weeks away and fits perfectly into the time frame supported by the ATO.

Pop into the gallery, preview some of my new work and make your next Art purchase a 

Kylie Farrelly original.