mv cost limit 2022

Not exactly the stuff of poster-worthy supercars, but handy: the Australian ATO’s car depreciation cost limit was AUD $60,733 for the 2021–22 income year and AUD $64,741 for 2022–23 (GST-inclusive).

In practice, that’s the cap for depreciation (and caps any instant asset write-off/temporary full expensing claims) on passenger cars used for business.

GST credits are also limited to 1/11th of the car limit, so no, you can’t claim the GST on that gold-plated cupholder beyond the cap.

Figures change with the seasons (and budgets), so check the latest ATO guidance if you’re doing more than pub trivia with this info.