Tax Incentive to Invest in Aboriginal Art
Deart Art Lover
If you are a business owner, you may be aware that there is a significant tax advantage to invest in art for your office or work place prior to 31st December 2009. The government stimulus package allows a business to acquire an eligible asset and claim a 50% depreciation deduction in the year of purchase. This can effectively reduce a business’ taxable profit by 50% of the purchase price. In subsequent years the normal depreciation rates apply.
You would need to check your business suitability with your accountant, but if applicable, Pandanus Gallery has some suggestions:
- Firstly, we have an extensive range of new limited exhibition prints from Mossman George, and the Torres Straits; they would enhance any work place for a moderate cost. Some unique fire lighters/style ceramics from the Cassowary Coast are also very suitable for an office space.
- We have a selection of major works in the gallery too. Directors Anna & Paul La Fontaine would be happy to advise or we could visit your work place and make some suggestions.
This is a one off incentive from the ATO I believe, giving you an opportunity to enhance your work place whilst supporting our indigenous artists, particularly those for Far North Queensland.