Tax Time

Buying a rug for your business

The end of the financial year is approaching quickly, and you still have time to take advantage of the Australian Government's Accelerated Depreciation write-off for the purchase of a Persian Rug, provided it is used for your small business and under the $20,000 threshold. have an extensive collection of handwoven rugs suitable for commercial purposes. We have supplied our rugs to many businesses including designer clothing stores, doctors surgeries, hotels, law chambers, film-sets and others.

Our team can guide you through our collection and advise you on a suitable rug for your business needs. Please contact us with any queries.

The government has proposed an extension of Accelerated Depreciation in the 2017 Budget until 30th June 2018.

Naturally, you should check with your accountant before making any decision regarding business asset purchase and accelerated depreciation.

Buying a rug for your self-managed super fund

Many Persian Rugs are collectable and have investment potential - stocks collectable and investment quality rugs including fine silk pieces and rare vintage rugs.

As far as purchasing a rug for your super fund, there are strict rules that have been implemented by the ATO regarding buying collectables and artwork. The members or related parties of the self-managed super fund can not enjoy any present day benefit from the artwork or collectable concerned. Other rules relate to storage, display, insurance, leasing and obtaining valuations for your artwork or collectable.

Before any purchase of any item for your business or self-managed super fund you should check with your accountant, financial adviser and the ATO.