car limit depreciation

Ah, the dreaded car depreciation limit—essentially the taxman's way of saying your beloved set of wheels will never hold its value like a fine wine. In Australia, the car limit depreciation refers to the maximum amount you can claim as a tax deduction for depreciation on a car used for business purposes. Currently, the limit is set at $64,741 (as of the 2023-24 financial year). This means if your car's purchase price exceeds this cap, you can only depreciate up to that limit, not the full price. New or used, this cap applies equally, so no sneaky backdoor deductions for flashy rides. For exact details, check the ATO guidelines or ServiceCentral for the latest updates.