instant asset write off 2023 24 Page 402

For 2023–24, the Instant Asset Write-Off lets eligible small businesses (aggregated turnover under $10 million) immediately deduct the cost of eligible depreciating assets priced at less than AUD $20,000 each.

The asset must be first used or installed ready for use between 1 July 2023 and 30 June 2024, and the threshold is per asset—so multiple sub-$20k purchases can each qualify.

Anything at or above $20,000 goes into the small-business depreciation pool and gets written down the old-fashioned way.

Passenger vehicles are capped by the ATO car limit (AUD $68,108 for 2023–24), and any private use needs to be excluded from the claim.

It’s a cash-flow helper, not a shopping spree—check the ATO rules or your tax adviser before you try to write off a yacht and call it “client meetings.”