100% Tax Write Off

The 2025 Federal Budget has brought to an end the decade-long ability of eligible small businesses to claim artwork purchases up to $20,000 as a 100% tax write-off.

For the visual arts industry, the loss of this measure will be felt. It brings to an end one of its few truly stimulative measures and over 15 years of policy vacillation.

The timing could not be worse to end this measure and replace it with nothing. The visual arts is particularly vulnerable to economic slowdowns, particularly ones brought about by global uncertainty. It should also be noted the extension of the instant asset write-off from 30 June 2024 to 30 June 2025 has still not been made law!