Australian tax ruling benefits artists!

The Australian Tax Office has a ruling which could benefit many Artists…

The main points of the ruling mentioned in this article are:
1. Purchased (And Paid for) prior to the 31st Dec 2009
2. Write off 50 percent of the purchase Price
3. Artworks classify as depreciable Assets
4. An annual income of less than A$2m for 50% deduction
5. 10% deduction if the Annual income is greater than A$2m
6. The Artwork must be NEW – A work that has never been sold before.  (from an artist, primary Gallery, not the secondary market, eg Auctions etc)
7. Displayed for a Dominant Business Purpose (In Australia)
8. If a home office, then hung in that office and not the living room.
9. Artwork must be held for a minimum of 1 year…

20090917-ato-ruling-inverstment-allowance

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One Response to “Australian tax ruling benefits artists!”

  1. Tax ruling could benefit artists : ArtStuff on September 21st, 2009 8:47 am

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