{"id":105,"date":"2020-09-18T13:41:26","date_gmt":"2020-09-18T13:41:26","guid":{"rendered":"https:\/\/themccorrycollection.com\/tmc\/db\/?p=105"},"modified":"2021-10-14T12:37:21","modified_gmt":"2021-10-14T12:37:21","slug":"instant-asset-write-off-for-business","status":"publish","type":"post","link":"https:\/\/themccorrycollection.com\/tmc\/db\/instant-asset-write-off-for-business\/","title":{"rendered":"Artwork For Your Business Using The Instant Asset Write-off Scheme Now Extended."},"content":{"rendered":"\n<p>Purchasing Artworks for Business.<\/p>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"799\" height=\"599\" src=\"https:\/\/themccorrycollection.com\/tmc\/db\/wp-content\/uploads\/2020\/09\/The-McCorry-Collection-99-.jpg\" alt=\"The McCorry Collection 99\" class=\"wp-image-1195 size-full\" srcset=\"https:\/\/themccorrycollection.com\/tmc\/db\/wp-content\/uploads\/2020\/09\/The-McCorry-Collection-99-.jpg 799w, https:\/\/themccorrycollection.com\/tmc\/db\/wp-content\/uploads\/2020\/09\/The-McCorry-Collection-99--300x225.jpg 300w, https:\/\/themccorrycollection.com\/tmc\/db\/wp-content\/uploads\/2020\/09\/The-McCorry-Collection-99--768x576.jpg 768w\" sizes=\"auto, (max-width: 799px) 100vw, 799px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p>Can you claim your Artwork purchase through the Australian Government Instant Asset Write-off Scheme.<\/p>\n<\/div><\/div>\n\n\n\n<p>Information below may help you with your decision.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Main changes to the scheme:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The instant asset write-off scheme expanded in March to support businesses through the pandemic, from 12 March 2020 until 3o June 2023.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Each asset threshold has increased to $150,000 (up from $30,000) eligibility has been expanded to cover businesses with an aggregated turnover of less than $5 Billion (up from $500 million)<\/li><\/ul>\n\n\n\n<div class=\"wp-block-media-text alignwide has-media-on-the-right is-stacked-on-mobile\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"868\" height=\"552\" src=\"https:\/\/themccorrycollection.com\/tmc\/db\/wp-content\/uploads\/2020\/09\/The-McCorry-Collection-89-.jpg\" alt=\"The McCorry Collection 89\" class=\"wp-image-1198 size-full\" srcset=\"https:\/\/themccorrycollection.com\/tmc\/db\/wp-content\/uploads\/2020\/09\/The-McCorry-Collection-89-.jpg 868w, https:\/\/themccorrycollection.com\/tmc\/db\/wp-content\/uploads\/2020\/09\/The-McCorry-Collection-89--300x191.jpg 300w, https:\/\/themccorrycollection.com\/tmc\/db\/wp-content\/uploads\/2020\/09\/The-McCorry-Collection-89--768x488.jpg 768w\" sizes=\"auto, (max-width: 868px) 100vw, 868px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p>ATO considers artworks owned by businesses as both investments and depreciating assets this includes new and second hand artworks.<\/p>\n<\/div><\/div>\n\n\n\n<p>Due to their useful life as being determined as 100 years they are subject to a very low rate of depreciation \u2013 usually around 1% per year, this is a very slow way of claiming deductions.<\/p>\n\n\n\n<p>From 12 March 2020 until 30 June 2023 that has changed under the Instant Asset Write-off Scheme.<\/p>\n\n\n\n<p>Now when you purchase under the Scheme it is possible to claim a complete deduction of up to $150,000 for artworks.<\/p>\n\n\n\n<p>As long as the purchase by the small to medium-sized business is for their premises, and is subject to following four criteria.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The artwork must be:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Tangible.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Capable of being moved.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Purchased principally for display in a business premise.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Not be trading stock.<\/li><\/ul>\n\n\n\n<p><strong>Can Employees claim cost of artworks.<\/strong><\/p>\n\n\n\n<p>It is possible also for employees that work from home or have been forced to work from home because of Covid-19 to make claim for the cost of Artworks in their office space.<\/p>\n\n\n\n<p>The criteria is different for employees, as opposed to that of small business. You can read more on whether you&#8217;re eligible by clicking the following link.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.ato.gov.au\/General\/COVID-19\/Support-for-individuals-and-employees\/Employees-working-from-home\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.ato.gov.au\/General\/COVID-19\/Support-for-individuals-and-employees\/Employees-working-from-home\/<\/a><\/p>\n\n\n\n<p>Buying any asset for your business can be quite tricky, so buying art for your business for tax deductions may or maynot be right for you; if you are buying art to enhance the aesthetic feel of the office then purchasing art can return untold benefits and prove to be a good investment after all.<\/p>\n\n\n\n<p>For further reading on whether art might be the right investment for you in your office space: Read our Blog <a href=\"https:\/\/themccorrycollection.com\/tmc\/db\/art-in-an-investment-class-of-its-own\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/themccorrycollection.com\/tmc\/db\/art-in-an-investment-class-of-its-own\/\">Artwork&#8217;s in a class of its own?<\/a><\/p>\n\n\n\n<p><strong>PLEASE NOTE: <\/strong><\/p>\n\n\n\n<p><strong>Some exclusions and limits apply, the above information is for informational purposes only and should not be taken as financial advice.<\/strong><\/p>\n\n\n\n<p><strong>You should seek an independent financial advice consultant or tax adviser before proceeding with any financial decision.<\/strong><\/p>\n\n\n\n<p>The McCorry Collection Gallery and its directors are not tax advisers or financial advice consultants.<\/p>\n\n\n\n<p>Further Reading:<\/p>\n\n\n\n<p><a href=\"https:\/\/www.ato.gov.au\/Business\/Depreciation-and-capital-expenses-and-allowances\/Simpler-depreciation-for-small-business\/Instant-asset-write-off\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.ato.gov.au\/Business\/Depreciation-and-capital-expenses-and-allowances\/Simpler-depreciation-for-small-business\/Instant-asset-write-off\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purchasing Artworks for Business. Can you claim your Artwork purchase through the Australian Government Instant Asset Write-off Scheme. Information below may help you with your decision. Main changes to the scheme: The instant asset write-off scheme expanded in March to support businesses through the pandemic, from 12 March 2020 until 3o June 2023. Each asset [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"Instant Asset Write-off Scheme For Artwork Extended | TMC","description":"The instant asset write-off extended to support businesses through the pandemic through to June 30th 2023 applicable for businesses with up-to 5 Billio..."},"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[14,20,18,15,19],"class_list":["post-105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-art-as-an-investment","category-instant-asset-write-off-for-business","tag-buying-art-for-business","tag-depreciation","tag-financial-advice-consultant","tag-instant-asset-write-off-for-business","tag-tax-adviser"],"jetpack_featured_media_url":"https:\/\/themccorrycollection.com\/tmc\/db\/wp-content\/uploads\/2020\/09\/The-McCorry-Collection-98-.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/themccorrycollection.com\/tmc\/db\/wp-json\/wp\/v2\/posts\/105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/themccorrycollection.com\/tmc\/db\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/themccorrycollection.com\/tmc\/db\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/themccorrycollection.com\/tmc\/db\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/themccorrycollection.com\/tmc\/db\/wp-json\/wp\/v2\/comments?post=105"}],"version-history":[{"count":19,"href":"https:\/\/themccorrycollection.com\/tmc\/db\/wp-json\/wp\/v2\/posts\/105\/revisions"}],"predecessor-version":[{"id":1219,"href":"https:\/\/themccorrycollection.com\/tmc\/db\/wp-json\/wp\/v2\/posts\/105\/revisions\/1219"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/themccorrycollection.com\/tmc\/db\/wp-json\/wp\/v2\/media\/1182"}],"wp:attachment":[{"href":"https:\/\/themccorrycollection.com\/tmc\/db\/wp-json\/wp\/v2\/media?parent=105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/themccorrycollection.com\/tmc\/db\/wp-json\/wp\/v2\/categories?post=105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/themccorrycollection.com\/tmc\/db\/wp-json\/wp\/v2\/tags?post=105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}