instant asset write off 2023 ato

In 2022–23, the ATO’s “instant asset write-off” basically wore a fake moustache called Temporary Full Expensing—most businesses could immediately deduct eligible assets first used and installed by 30 June 2023 (aggregated turnover generally under $5b).

From 1 July 2023 (the 2023–24 year), the classic Instant Asset Write-Off returned for small businesses (turnover under $10m) with a cap of up to $20,000 per asset, for assets first used and installed by 30 June 2024.

Passenger cars still smack into the ATO’s car limit—about $64,741 in 2022–23—so you can’t write off a luxo-barge like it’s a stapler.

Rules on eligibility, private-use adjustments and GST can bite, so talk to your accountant and check the latest ATO guidance before you start spending.