ato instant asset write off 2023

The ATO's Instant Asset Write-Off for 2023 lets Aussie businesses write off purchases of eligible assets immediately rather than depreciating them over years. In 2023, the threshold is $20,000 per asset, and businesses with an aggregated turnover of less than $10 million can claim this. This means if you buy a workhorse laptop or a shiny new ute for under $20K, you can reduce your taxable income right away.

Remember, this is a temporary tax break designed to boost spending, so check if your asset qualifies and keep receipts handy. Consult the official ATO website or your accountant for the fine print—don't rely on hearsay from the pub.