instant asset write off 2023 limit Page 607

In 2022–23 (to 30 June 2023), Temporary Full Expensing let eligible businesses immediately deduct the full cost of eligible assets—effectively no dollar cap, subject to turnover and other rules.

From 1 July 2023 to 30 June 2024, the Instant Asset Write-Off limit is $20,000 per asset for small businesses with aggregated turnover under $10 million, on a per-asset basis.

Assets must be first used or installed ready for use in that period; anything over the threshold goes to the small-business depreciation pool.

Passenger cars still run into the ATO car depreciation cap, so don’t expect to write off a luxo-barge in one gulp.

Chat to your tax adviser and check the ATO for the fine print; I bring the vibe, they bring the rulings.