car limit ato 2022 Page 8842

Chasing the ATO car limit for 2022? The depreciation cap (the maximum cost you can claim for a business-use car) was $60,733 for 2021–22 and rose to $64,741 for 2022–23. That cap also effectively limits instant asset write-off/temporary full expensing for passenger cars, and GST credits are capped at the car limit divided by 11. Separate story: Luxury Car Tax thresholds were $69,152 (other) and $79,659 (fuel‑efficient) for 2021–22, and $71,849 (other) and $84,916 (fuel‑efficient) for 2022–23. So yes, your accountant’s eyebrow raise was justified—your $120k luxo-barge won’t be fully deductible just because it does the school run in style. Figures are in AUD and tied to the relevant financial years. Consult official documentation for exact figures.