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...

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

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

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...

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Summary of announced tax changes in the 2015 Federal Budget

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

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...

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