depreciation car limit 2023 ato Page 8

Hunting the ATO’s car depreciation limit for 2023? For the 2022–23 income year the car limit is $64,741 (GST inclusive), and for 2023–24 it jumps to $68,108. That’s the maximum cost you can use to calculate decline in value for eligible passenger vehicles (under 1 tonne payload and fewer than 9 seats). GST credits are capped at 1/11 of the limit: up to $5,885 (2022–23) or $6,191 (2023–24). Instant asset write-off rules may do the hokey pokey, but the car limit still sets the ceiling. Consult official documentation for exact figures.