Invest in Change This EOFY using the Instant Asset Write-Off scheme on Art!

Creating new pathways through art and culture for First Nations people who have been incarcerated is our mission at The Torch. But did you know your business can support this mission while also benefiting from a tax deduction?

The “Instant Asset Write-off” scheme applies to artwork purchases for eligible businesses! This means you can claim the full cost of a beautiful, culturally significant artwork by a First Nations artist as a tax deduction in the current financial year.

Here’s how it works:

• The Australian Government states ‘Small businesses with annual turnover of less than $10 million will be able to immediately deduct eligible assets costing less than $20,000 until 30 June 2025’. This means eligible businesses can instantly deduct the full cost of artwork (up to $20,000) purchased before June 30th, 2024.
• This deduction can significantly reduce your taxable income, saving you money come tax time.
• By purchasing art from The Torch, you’re not just acquiring a stunning piece, you’re directly supporting First Nations artists and helping us create new opportunities for those who have been incarcerated.

Investing in art is an investment in creativity, culture, and social change. Browse our collection of paintings and  belongings created by talented First Nations artists, and find a piece that speaks to you and your business.

Be sure to check your eligibility with your tax accountant to take advantage of the Instant Asset Write-Off to purchase your new artwork before the end of June 2024! This scheme also applies to the 2025 financial year.

Visit our online gallery today and explore the power of art with purpose! If you need assistance, please contact on 03 9042 1236 or email artcoordinator@thetorch.org.au.