Small Business tax write-off

Art News from Australia. Published by MAY SPACE on Thursday 21 May 2015.

Small Business tax write-off image

Last week the new Federal Budget was announced and of particular note is the $20,000 small business tax write-off.

Small businesses, with a turnover of under $2 million, can claim a 100% write-off for individual assets they buy up to $20,000. This may include the purchase of artworks for business use as long as they are created by professional artists with an ABN.

See the Herald Budget 2015 article here.