Following the ATO’s announcement of a new tax break on art purchases, Retrospect Galleries Byron Bay has decided to jump on board by offering additional discounts to local businesses with an interest in investing… There’s never been a better time to invest in art, especially for businesses that are looking for a bit of a makeover.
In case you haven’t heard, the ATO has recently announced a major tax break on new art purchases.
From now until December 31, small businesses that turnover less than $2 million are eligible to receive an investment allowance of up to 50% on new art assets costing more than $1,000. Businesses with a turnover more than $2 million are also eligible for a tax break, of 10% on assets costing $10,000 or over.
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.”
Delian says that she would love to help local business make over their art collection, replacing a few of the standard mass produced prints seen around town, with something more contemporary, that truly reflects the nature and essence of their business.
“We represent over 60 artists with such a diverse range of contemporary works, from painting to sculpture, photography, drawings, etchings, mixed media, glass and ceramics,” she says.
“What people see in the Gallery is just a tiny portion of the work available. That’s why we are constantly changing our exhibits to try and showcase as many of our artists as possible and to represent the various styles, from the more conservative through to the outrageous,” she adds.
To show she means business, Delian is offering an additional 10 percent discount to local business in Byron, Ballina, Lismore or Tweed shires, on eligible artworks purchased from Retrospect Galleries, that meet the minimum spend criteria.
And for businesses that don’t know where to start, she’s also providing a free consultancy service, including advice on what type of art might complement a particular business or business premises, and also what is a good investment.
“So come on all you accommodation houses, day spas, restaurants, retailers, dentists, doctors, manufacturers and panel beaters, this is a fantastic offer,” Delian comments. “The combination of the tax break and our discount means that you can effectively save up to 60 percent on a fantastic piece of art, that will enhance your business environment and may very well increase in value,” she says.
“And at the same time you can feel good about doing your bit to support the local arts community.”
Before rushing out to buy the first painting you come across, there are a few important criteria to keep in mind:
- The artwork has to be new, original and portable, and created by a professional artist who is registered with an ABN,
- It can’t have been owned by any other party before you buy it, meaning you must buy the work direct from the artist or their commercial gallery representative,
- It must be put on display and “used predominantly in the course of business”, and
- You have to hold onto it for at least a year before it’s sold.
For more information contact Retrospect Galleries on 6680 8825
Local artists Noel Hart (left) and Stephen Phibbs, with some of their work, available through Retrospect Galleries, Byron Bay
