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.
The relief, first introduced on 12 May 2015 as part of the Small Business Measures legislation, will cease on 30 June 2025.
Other than artworks, the instant asset write-off applies to depreciating assets used by small business such as motor vehicles, office furniture, computers and equipment. It will no longer be available from 1 July.
