The upper limit on the cost to work out depreciation on your car and therefore to access the instant asset write-off is currently $64,741 for the financial year starting 1 July 2022 and ending on 30 June 2023 (FY23).

Check your business is eligible for the instant asset write-off before you start and yes, folks this is a business concession, so if you are a self-funded investor, retiree or employed, this is not for you.  Read the full ATO fact sheet here  - search the page for "Car Limit" and the relevant section will be found with these details.

There is also a handy table to refer to - just click here.

Disclaimer: This information is general in nature, and this is a complex area of law, and you should examine your eligibility for these concessions carefully under the criteria set out in the legislation, so before acting it is important to seek professional advice related directly to you and your circumstances, contact your Primarius team leader or email us on info@primarius.net.au.