Tax Incentive encourages Small Business to Invest in Art

Art Press Release from Australia. Published by Rebecca Gabrielle Cannon on Tuesday 06 October 2009.

The Australian Federal Government has announced a tax break which will support the Fine Art industry.

Any small business which invests in an artwork priced above $1,000 before the end of 2009 can apply to receive a 50% rebate.

The scheme is designed to encourage businesses to invest in new plant and equipment, however the Tax Office has recognized the value of Art as an investment, nominating Art as one of the assets for which the tax break may apply.

This effectively means that small business operators can build up an art investment portfolio by investing in artworks at half their retail price, while also improving the aesthetic appeal of their workplace environment.

Business owners should speak to their accountants for more information, and in the meantime they can begin their search for art investments here.