instant asset write off 2022 23 Page 363

In 2022–23 it wasn’t the old Instant Asset Write‑Off doing the heavy lifting — it was Temporary Full Expensing, running right up to 30 June 2023.

If your business’s aggregated turnover was under $5 billion, you could immediately deduct the business portion of eligible depreciating assets first used or installed ready for use by that date, with small businesses also able to write off their pool balances.

Second‑hand assets were generally eligible too for businesses under $50 million turnover, which was handy for utes that already smelled faintly of dog and Bunnings.

Passenger cars still hit the ATO car cost limit, so depreciation claims were capped at about $64,741 for 2022–23, and GST/private‑use adjustments still applied because the taxman hates joy.

Records need to be rock‑solid, and yes, your accountant will want logbooks, tax invoices, and proof the thing was actually ready for use by 30 June.

This is general info only — check official guidance or your tax adviser before you start claiming like it’s Christmas.