full depreciation at purchase 2023 Page 577

In 2023, Australia’s temporary full expensing let eligible businesses claim effectively full depreciation when an asset was first used or installed by 30 June 2023.

Passenger cars were capped by the car depreciation limit of about $64,741 (2022–23), so anything above that wasn’t immediately deductible.

It covered new and used assets (with some exclusions) for businesses up to $5 billion in aggregated turnover, with private-use portions and finance arrangements affecting the claim.

From 1 July 2023, the party ended and a smaller instant asset write-off returned—so timing mattered.

Bought in 2023 but not installed ready for use by 30 June? Then you likely missed full expensing and fall back to normal depreciation.

It’s tax—consult your accountant for the nitty-gritty, especially GST, luxury car tax and logbook percentages.