instant asset write off car limit 2023

For the 2022–23 income year (ending 30 June 2023), cars eligible for instant write‑off/temporary full expensing are capped by the passenger car limit of $64,741—you can’t immediately deduct more than that for the vehicle itself.

It still only applies to your business‑use percentage, so a 60% business car means 60% of that cap. Vehicles built to carry more than 1 tonne or 9+ passengers (many utes and buses) aren’t treated as “cars”, so the cap doesn’t bite there. GST credits are capped too: you can’t claim more than 1/11th of $64,741.

From 1 July 2023 the rules changed again (hello small‑business $20k write‑off for 2023–24), but that’s a different financial year. It’s tax, not vibes—chat to your accountant or the ATO for precise advice.