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instant asset writeoff 2023

2023 was a tale of two tax treatments. Up to 30 June 2023, Temporary Full Expensing let eligible businesses immediately deduct the full cost of eligible depreciating assets installed and ready for use—no fiddly caps, just straight to the deduction column. From 1 July 2023, the instant asset write-off returned for small businesses (aggregated turnover under $10 million) with a threshold of $20,000 per asset for assets first used or installed in 2023–24. It only applies to business-use assets and usual rules still bite—private use adjustments, car limits, and financing quirks—so no, the ATO won’t fund your “research ute.” Keep proper records and make sure the thing is actually installed and ready to work when you claim. For edge cases, talk to your accountant and confirm with the ATO before you go shopping.

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