As we approach the end of the 2023/2024 financial year, there has never been a better opportunity to update your workplace. Under the Instant Asset Write-Off Scheme, purchasing art for your business is 100% tax-deductible. So, what better time to update your space?
The Australian Taxation Office (ATO) considers artwork purchased by and for businesses to be investments and depreciating assets and, therefore, eligible for tax deduction under the scheme. The ATO states that artwork is eligible for a tax deduction if the piece is:
- Tangible and able to be moved
- Purchased primarily for a small to medium business with an annual turnover of less than $500 million
- Purchased with the dominant purpose of display in a business premise
- Not trading stock
Each individual piece must also cost $150,000 or less, but there is no limit on the number of pieces you can claim under the Instant Asset Write-Off Scheme.
There are many artfully made Lladró pieces that would add that special something to your workplace, from your entrance foyer to your office space. Here are some examples:
1. For a fun, bold office decoration, try Jaime Hayon’s Medium Conversation Vase Limtied Edition.
2. The Dazzle Macaw Bird Sculpture Limited Edition is a unique twist on the classic animal sculpture inspired by the pattern used my the navy in World War 1.
3. Lladró’s Hermes Sculpture is perfect for a foyer or waiting area with his detailed winged sandals.
4. The Protective Dragon Sculpture Red and Gold Limited Edition makes a statement in any workplace. Also available in a resplendent gold lustre variant.
5. The Horses Group Limited Edition adds an elegant yet dramatic flair to your space and is a matt black tribute to the original 1967 stylised piece.
Lighting
While lighting is unfortunately not included in the Instant Asset Write-Off Scheme, it is nevertheless an excellent way to change up your space easily. Lladró creates beautiful lighting pieces, from classic table lamps to opulent chandeliers.
1. The Niagara Chandelier is the perfect statement piece for your foyer or stairwell. It is available in various sizes and is highly customisable.
2. Sculptural lamps like the Attentive Greyhound Lamp add visual interest while still being practical. It forms a pair with the Pensive Greyhound Lamp.
See the articles below to learn more about the artistry of Lladró sculptures and find the piece that’s right for your business. We encourage you to take advantage of this excellent opportunity, but as always, you should seek your own taxation advice.: