Small businesses are eligible to receive an investment allowance of up to 50% on the purchase of artworks for the 2009 income tax year.

"In order for an artwork to eligible for consideration under Division 41 of the ITAA 1997 the artwork must be an asset which is;

*depreciable
*a tangible asset,
*used in Australia primarily for business purposes
*not trading stock, or intended for sale in the foreseeable future,
*a new artwork, and
*meets the threshold requirements of section 41-35 of the ITAA 1997,

Where one or more of these elements are not met the artwork will not be eligible for a deduction under the Small Business and General Business Tax Break measure."

For more information please contact Lowenstein Arts or the ATO