instant asset write off 2023 financial year Page 9

For the 2022–23 financial year, the so‑called “instant asset write‑off” was effectively replaced by Temporary Full Expensing, letting eligible businesses immediately deduct the business portion of most depreciating assets first used or installed by 30 June 2023.

Broadly, new assets qualified for businesses with aggregated turnover under $5 billion, and second‑hand assets for those under $50 million—not exactly pocket change.

Vehicles still had strings attached: the car depreciation limit for 2022–23 was $64,741, so that shiny luxo‑barge won’t be fully deductible no matter how persuasive your accountant’s eyebrows.

Timing, eligibility and financing method matter (delivery/installation dates, private‑use adjustments, trade‑ins), so crunch it with your accountant and the ATO rules before you pop the confetti.