ATO Art Investment Allowance
The ATO have confirmed that small businesses are eligible to receive an investment allowance of up to 50% on the purchase of artworks for the 2009 income tax year.
Specialist arts accountancy firms sought this advice in June by putting forward a number of guidelines that they believed would enable artworks to be claimed under the new allowance.
One of the most important of these was that the allowance should only apply to new artworks created by professional artists registered with an ABN.
Accountancy firms argued and the ATO accepted that an art-enhanced work environment can generate greater productivity and that there is a causal relationship between businesses displaying artwork and the income of their clients.
Among the other guidelines accepted by the ATO to qualify for the allowance are:
- When buying artworks businesses must demonstrate a dominant business-related purpose for their display; be only a small business that has a turn over less than 2 million per annum
- Artworks should be portable (capable of being moved from one place to another); and in a tangible form ie: have a material component that is clearly visible to the owner.
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Artworks should be held for at least a year before being sold.
- Works have to be purchased before December 31st 2009
- Only purchases above $1000 qualify
- Works must be originals by professional living artists who are registered with an ABN no. and not owned by any other party but the artist prior to purchase.
- Artworks bought as trading stock are not eligible
- Works can only be purchased through the artist; or their respective agent or commercial gallery acting on behalf of the artist.
Collection Development
With a long and well documented history, the collecting of art as a viable financial concern has become increasingly important to the Australian investor. A proliferation of magazines and articles provide advice on how to begin and develop a collection but often leave the collector in a sea of overwhelming information. At the Tim Olsen Gallery we offer individual attention and advice on all matters relating to acquiring and maintaining an important art collection.
Tim Olsen’s heritage has provided the ultimate environment with Tim watching first hand the progression of John Olsen (and his contemporaries) from young artist to the pinnacle of the Australian art scene. This, coupled with over twenty years experience in commercial galleries in Sydney and Melbourne, places Tim in the perfect position to assist with assembling a collection that will become an impressive asset.
We regularly work with architects, interior designers and consultants on the placement of paintings, drawings, prints and sculpture in public and private spaces. We arrange site visits to suggest potential placements and can arrange site-specific commissions when required. We understand that it is not always possible to visit the gallery during opening hours and with prior arrangement the gallery can bring artworks to your home or place of work to view.
For more information or to arrange an appointment please contact the gallery.
Corporate Consultancy
To our corporate collectors we recognise that it is critical that any collection be an asset, both financially and promotionally, with works retaining their value and growing over the medium to long term. At the Tim Olsen Gallery we have worked with many high profile businesses in establishing an innovative and inspiring collection that reflects both the public face and aspirations of the company. We can also assist with the refining of existing collections and discuss options including negotiating the sale of current artworks.
We arrange site visits to suggest potential placements and can arrange site-specific commissions when required. We understand that it is not always possible to visit the gallery during opening hours and with prior arrangement the gallery can bring artworks to your office so that your colleagues can view the works as well.
Tim Olsen Gallery has an extensive network of international contacts and we are able to source work from a broad range of artists and galleries and we advise impartially on all areas of contemporary Australian painting and sculpture.
Bridal and Gift Registry
Tim Olsen Gallery offers a Gift Registry service that is ideal when looking for a unique gift. The Gift Registry is suitable for Bridal gifts, corporate gifts or individual gift giving for special occasions.
The gallery represents works by over forty professional Australian and International artists. Throughout the year, we host a range of exhibitions in three gallery spaces; 63 Jersey Road, the Annex & Works on Paper Gallery at 53 Jersey Road.
The collection of art work in the galleries makes your selection interesting and educational. Contact our team of professionals who can provide further information on our service and the career developments of our artists.
Our registry provides flexible terms and can be tailored to suit personal requirements. However, please note that certain condition do apply.
