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Gallery jumps on $20,000 small business tax write-off

Sydney Morning Herald
14 May 2015
James Massola, Nassim Khadem

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The Abbott government's $20,000 small business tax write-off has been billed as one for "Tony's tradies" but an exclusive Sydney art gallery is hoping to get a boost from the new budget measure, urging customers to spend up big on artwork for their offices.

Under changes unveiled in the Abbott government's second budget, small businesses will be able to claim an unlimited number of tax deductions for equipment and other items valued at less than $20,000 each.

Mr Hockey warned on Wednesday that strong measures would be in place to ensure no rorting, while tax experts said the highly generous tax break for small businesses would not become a magnet for rorting.

A spokeswoman for the tax office signalled that use of the accelerated depreciation would be closely monitored and while not yet law, "we plan to engage with small business based on their behaviour and choices. This includes plans to provide clear guidance so that businesses intending to utilise the concessions find it as easy as possible to do so".

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