instant write off 2023

Ah, the beloved "instant write off"—Australia's gift to businesses looking to dodge tax like a pro. For 2023, businesses can instantly write off assets costing up to $20,000 each, which means if you buy a shiny new ute or some fancy office gear under that limit, you can claim the full expense in the same financial year. This threshold applies to small businesses with an aggregated turnover under $10 million. Bigger fish might get a smaller threshold or none at all, so keep those ledgers sharp.

Remember, this isn't a free pass to splurge recklessly—only new or second-hand assets qualify, and they must be used or installed ready for use within the financial year. For precise details and any sneaky fine print, ServiceCentral or the ATO website is your best mate.