instant asset write-off 2024 car

For 2023–24, the instant asset write-off is $20,000 per asset for small businesses (turnover under $10m) on items first used or installed between 1 July 2023 and 30 June 2024.

Cars can qualify—new or second-hand—so long as the cost is under the $20k cap (GST-exclusive if you’re registered, GST-inclusive if you’re not).

Only the business-use portion is deductible, and passenger cars are still subject to the separate car depreciation limit (about $68,108 for 2023–24), while many utes with over 1‑tonne payload aren’t counted as “cars” for that cap.

If the vehicle costs more than $20k, you can’t instantly write it off; it heads into the small business pool and gets deducted over time.

Paperwork matters: tax invoice, first-used timing, and evidence of business use (a logbook keeps the ATO gremlins away).

General info only—chat to your accountant before you buy something shiny and “deductible.”