Congratulations to Dagmar Cyrulla on winning the $16,000 Manningham Naked & Nude Prize with her painting The Phone Call. Her winning entry will be acquired by Manning Regional Art Gallery for their permanent collection.
Dagmar Cyrulla, Winner of the 2017 'Nude and Naked' Manning Art Prize
Kearney wins Corangamarah Small Scale Art Prize 2017
Janne Kearney has won the Corangamarah Small Scale Art Prize, for the second year running, with her stunning painting 'Love'.
Janne Kearney exhibiting at London's BP Art Prize
Janne Kearney's artwork 86 (Rhyming Slang for Worth Nix) was selected as the feature artwork for the BP Art Prize exhibition catalogue. Read the London based editorial Culture Whisper's review of the exhibition here.
Hannah Quinlivan interviewed by ABC radio's Louise Maher
Hannah Quinlivan interviewed by ABC local radio's Louise Maher discussing her exhibition Anatomy of a Drawing at Canberra Museum and Gallery. Listen here
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
7:30pm (AEDT) 02/04/2019 to 30/06/2020
29/01/2019 to before 7.30pm (AEDT) 02/04/2019
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.