• TAX BREAK COUNTDOWN

    Countdown to the End of the Financial Year.

    There are many taxation incentives available to small businesses acquiring fine art works for use within their business premises. Small business entities (SBE) are currently defined as those with a turnover of less than $10,000,000.

    These concessions include GST refunds, accelerated depreciation write-offs and interest deductibility where the fine art is financed.

     

    Using the simplified depreciation rules, assets costing less than the relevant instant asset write-off threshold are written off in the year they are first used, or installed ready-for-use. This threshold applies to each asset irrespective of whether the asset is purchased new or second-hand.

    The threshold has changed over the last few years and during the current year as shown in the table below.

    Instant asset write-off thresholds

    Date range

    Threshold for

    each asset

    7:30pm (AEDT) 02/04/2019 to 30/06/2020

    $30,000

    29/01/2019 to before 7.30pm (AEDT) 02/04/2019

    $25,000

       
       
       
       

    The entire cost of the asset must be less than the instant asset write-off threshold, irrespective of any trade-in amount. Whether the threshold is GST exclusive or inclusive will depend on your GST status, for further information about GST impacts see Cost.

    In working out the amount you can claim, you must subtract any private use proportion. The balance (that is the proportion used in earning assessable income) is generally the taxable purpose proportion. While only the taxable purpose proportion is deductible, the entire cost of the asset must be less than the threshold.

    Note that if you later sell or dispose of an asset for which you claimed an instant asset write-off, you include the taxable purpose proportion of the amount you received for the asset in your assessable income.

     

  • Dan Lorrimer curated into touring exhibition STEEL

    Dan Lorrimer has been curated into the touring exhibition, STEEL: art design architecture, curated by JamFactory’s Margaret Hancock Davis. The exhibition includes 29 artists, designers and architects from across Australia. Touring until 2020 Lorrimer’s inclusion in the ground-breaking exhibition is a career mile stone.

  • Claire Bridge, Finalist in the Bayside Acquisitive Art Prize

    Claire Bridge has been announced as one of the 39 finalist in the Bayside Acquisitive Art Prize with her work Harmony of Opposites. With over 550 entries from across Australia, BAAP is an acquisitive prize judged by industry professionals.The exhibition at Bayside Arts & Cultural Centre runs from Saturday 6 May to Sunday 18 June.

  • Melinda Schawel: Winner of the People’s Choice, Adelaide Perry Drawing Prize

    The very talented Melinda Schawel has been announced as the Winner of the People’s Choice Award for the prestigious Adelaide Perry Drawing Prize with her work, Letting Go, ink and pencil on torn, perforated paper, 2016.

  • Caroline Rannersberger – Professional Appointments

    FLG is pround to announce Caroline Ranersberger’s three year appointment to the Pool of Peers for the Australia Council. She has also been appointed as Curator of the Bruny Island Art Prize for 2018, to be held in collaboration with Kingborough Council, and as one of the founding Directors of the Bruny Island Foundation for the Arts.

  • Janne Kearney Finalist in the Lethbridge 10000 Art Prize

    Janne Kearney has been selected as a finalist in this years Lethbridge 10000 Art Prize. Her piece 'Spotlight' will be exhibited at the Lethbridge Gallery in Latrobe Terrace, Brisbane, from the 8th to 18th June.

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