Art can be a valuable investment for businesses in New Zealand, not only for its aesthetic appeal but also for its potential tax benefits.

The Inland Revenue Department states that art purchased for business use can be claimed as a tax deduction if it is purchased to generate income, promote the business, or used in the course of carrying out business.

However, there are some limitations to this deduction. The amount of the deduction cannot exceed the actual cost of the artwork, and the artwork must be used solely for business purposes.

It's always best to consult with a qualified tax professional or accountant for specific advice on claiming tax deductions for art in your particular situation.

Here are some specific ideas for art that could potentially be claimed as a tax deduction in New Zealand, provided they meet the criteria of being purchased for the purposes of generating income, promoting the business, or used in the course of carrying out business:

1. Artwork displayed in a business reception area to create a professional image and to impress potential clients.
2. Artwork used in marketing materials such as brochures or online content to enhance the appeal of the products or services offered by the business.
3. Artwork used in a product packaging design to make the product stand out on the shelves and attract buyers.
4. Artwork used in a restaurant, cafe, or bar to create a specific ambiance and attract customers.
5. Artwork used in an art gallery or exhibition space to promote and sell artworks.
6. Artwork used in a hotel or motel to create a specific theme or style in the rooms, lobby, or hallways.
7. Artwork used in a store to promote a specific brand or product line.
8. Artwork used in an office space to create a positive and inspiring work environment for employees.

It's important to note that the specific circumstances of each business and their use of artwork will determine whether or not it can be claimed as a tax deduction. It's always best to consult with a qualified tax professional or accountant for specific advice on claiming tax deductions for art in your particular situation.

The best time for a business to purchase office art would depend on a few factors, such as the availability of funds, the business's current needs, and the timing of any tax or accounting considerations.

Here are a few things to consider when deciding the best time to purchase office art for a business:
1. Budget: Businesses should only purchase office art if they have the available funds to do so. If funds are limited, it may be better to wait until the business has the financial resources to make the purchase
2. Office Space: Consider the current state of the office space and if art is needed to improve the aesthetics or morale of the space. If the office is new, it may be best to wait until the business has settled into the space and has a clear idea of what type of artwork would be most beneficial.
3. Events or Promotions: If a business has a big event or promotion coming up, purchasing office art beforehand could be beneficial. Artwork could be used as a promotional tool or to create a specific theme or ambiance for the event.
4. Tax Considerations: If a business is planning to claim tax deductions for the purchase of office art, it may be beneficial to make the purchase towards the end of the financial year so that the deduction can be claimed in that year's tax return.

In summary, the best time for a business to purchase office art will depend on a range of factors specific to the business's needs and circumstances. It's always best to carefully consider these factors before making a purchase decision

In New Zealand, the financial year (or fiscal year) runs from 1 April to 31 March of the following year. So the end of the financial year in New Zealand is 31 March. This means that for tax purposes, businesses will need to have their financial affairs up-to-date and finalised by this date, including any deductions they wish to claim for the financial year.