In Australia, the ATO’s car depreciation “car limit” caps the value you can write down for a passenger vehicle.
For the 2021–22 income year (1 Jul 2021–30 Jun 2022) the limit is $60,733; for 2022–23 (if you meant the 2022 year rolling into 2023) it’s $64,741.
You can only claim decline-in-value up to that cap, no matter how much the car actually cost.
If you’re GST-registered, the input tax credit is limited to 1/11th of the car limit, not the full purchase price.
Vehicles that aren’t “cars” (e.g., utes/vans designed to carry ≥1 tonne or ≥9 passengers) aren’t subject to this cap.
Have a quick chat with your accountant to confirm which year and rules apply to you.
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