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:

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.