Artwork Tax Deduction For Small Business

By Michael Fox on 28/6/2016 in Small business, Depreciation, Artwork tax deduction

There is no bar to whether the artwork is bought as a resale or whether the parties involved in the transaction are related to each other. There is no limit to the number of artworks costing less than $20,000 that a small business may claim a tax deduction for. The depreciation provisions in the Small Business Measures may also offer super funds a tax-effective strategy to...

Read more

Super art and the small business write-off measures – a strategy suggestion for SMSFs

By Michael Fox on 13/10/2015 in Valuation, Small business, Depreciation, Resale royalties, Super art, Self-managed funds, Capital gains tax

The depreciation provisions in the recently legislated Small Business Measures offers some super funds a tax-effective strategy to transfer their artwork investments to their members prior to a looming compliance deadline. From 1 July 2016, all artworks must comply with new display, storage, insurance and related-party requirement as the five year grandfathering clause in...

Read more

Summary of announced tax changes in the 2015 Federal Budget

By Michael Fox on 15/5/2015 in Car expenses, GST, Small business, Depreciation, Superannuation, Capital gains tax

The Government has announced tax reductions for small businesses with an aggregated annual turnover below $2m regardless of entity type. For companies, the company tax rate will be reduced by 1.5% to 28.5%. Maximum franking credit rates for a distribution will remain unchanged at 30%. For taxpayers operating through an unincorporated business structure (partnerships, tr...

Read more

5 tax tips for serious art collectors

By Michael Fox on 3/5/2017 in Federal budget, Super art, Artwork tax deduction, Depreciation

5 tax tips for serious art collectors ...

Read more

Top 10 tax claims for artists and creative professionals

By Michael Fox on 24/6/2017 in Business tax returns, Home office tax deductions, Individual tax returns, Car expenses, GST, Artwork tax deduction, Depreciation, Artists

Top 10 tax claims for artists and creative professionals...

Read more