instant write off assets 2023

For the 2022–23 year, the big play was Temporary Full Expensing: most businesses could immediately deduct eligible new depreciating assets first used or installed ready for use by 30 June 2023 (second‑hand generally okay if turnover was under $50m; new assets up to $5b). Passenger vehicles still had the ATO car depreciation cap—about $64,741 for 2022–23—so that’s your ceiling for the business-use portion, not a blank cheque for luxo-barges. Private use is out, business use only, and the asset has to be ready for work, not just lurking in a box. Missed the 30 June 2023 deadline? Then you’re into the post‑2023 settings, which are a different kettle of deductions. It’s generous, yes, but not magic—document everything and make your accountant earn their biscuits.