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.
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