Exciting news after the announcement of the 2016 budget – The federal government plans to extend its $20,000 instant asset write-off scheme to businesses turning over up to $10 million from July 1, 2016! At present, businesses turning over up to $2 million annually can deduct the full amount of asset purchases up to the value of $20,000. As it stands, small business owners may choose to acquire 5 paintings of $20,000 each, so a potential deduction of $100,000 appears allowable.
An exceptional work of art or a company art collection allows a small business to make a bold statement. Not only can the right work of fine art enhance the walls of your office for the benefit of staff and clients, if well chosen and following the right advice, fine art will prove to be an exceptional appreciating asset for your business. Piermarq has a strong history of providing Australian businesses, both large and small, with exceptional advice and guidance as how to build and manage fine art within their business structure. With the proposed legislation, Australian businesses with turnovers up to $10 million will gain a significant advantage to build a tax efficient, performing asset base that looks great on the wall.
Through our unique, tailored approach Piermarq allows business owners to navigate the Australian art market with ease. Exceptional artworks by proven performers will provide the best opportunity for long term, highly competitive investment outcomes, while impressing stakeholders at a 100% tax deduction.
To learn about opportunities for your business in the art market and view works presently available under $20,000 contact Piermarq.
For further information related to the suitability of this budget measure for your business, consult with your accountant.