will the instant asset write-off be extended to 2023

Short answer: yes—sort of.

The “instant asset write‑off” effectively lived on as Temporary Full Expensing, which let eligible businesses immediately deduct asset costs through 30 June 2023.

From 1 July 2023, the settings changed: a separate instant asset write‑off for small businesses applied with a $20,000 threshold per asset (for turnover under $10m).

Translation: for the 2022–23 year you were covered by TFE; for 2023–24 there’s still quick write‑offs, just with a lower cap instead of unlimited expensing.

Tax rules love fine print, so confirm current details with the ATO or your accountant before you start trolley‑dashing for machinery.