asset write off 2023

Ah, the asset write-off—a favourite tool in the tax avoidance toolbox. For 2023 in Australia, small businesses can instantly write off assets costing less than $20,000 until June 30, 2023. This means you can dodge the usual depreciation rigmarole and claim the entire cost in one glorious financial year. Post-June, this threshold might revert to prior levels, so don’t dilly-dally. Remember, this applies to new or second-hand assets used for business purposes. Consult the ATO's official guidelines for the fine print, because the tax man loves his exceptions.