ato asset write off 2024

For 2023–24, the ATO’s instant asset write-off lets eligible small businesses (turnover under AUD 10 million) immediately deduct assets costing under AUD 20,000 each, first used or installed between 1 July 2023 and 30 June 2024. It’s per asset, not a total cap, so multiple sub‑$20k buys can be written off, while pricier kit goes into the small business pool and depreciates the old‑fashioned way. Passenger vehicles still run into the car depreciation limit (around AUD 68,000 for 2023–24), so don’t expect to instantly write off a new luxo‑barge. The asset must be new‑to‑you, ready for use that year, and mainly for business—private use needs trimming out. Temporary full expensing ended on 30 June 2023, so 2023–24 is the “small bites” era again. Have a chat with your tax adviser before you pull the trigger; the ATO loves details almost as much as you love deductions.