Good News Tax Break for Art Lovers in Business
The ATO has announced a tax break for small businesses with an annual turnover of less than $2 million. Until 21 December, businesses are eligible to receive an investment allowance of up to 50% on new art assets over $1,000.
Retrospect Galleries Director, Bree Delian says she is over the moon to hear about the investment allowance.
“It’s been a tough year for the arts community,” she says. “Not just locally – where we are the last of Byron’s commercial galleries left standing, but also Australia wide, and internationally. Over 200 galleries have closed down in New York alone.”
“The tax break is a real incentive for people to spend and we hope it will stimulate interest in some of the amazing artists that we represent, many of whom are from the Northern Rivers.”
Retrospect Galleries are offering an additional 10% discount
Local artist Noel Hart (left) and Stephen Phibbs with some of their work available through Retrospect Galleries, Byron Bay
to local businesses in Byron, Ballina, Lismore or Tweed Shires on eligible artworks that meet the minimum spend criteria. If you’re unsure about what you should buy, Bree is more than happy to help with a free consultancy service.
