Hi what is the instant tax write off for 2022/23 financial year.
Also if I purchased a car for $4000 do I depreciate that?
Thank you
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Hi there @Annoymous1234
There's a few different options for depreciation, but I'll try not to overwhelm you with too much info.
Assuming you're a small business (turnover less than $10 million
rom 7.30pm AEDT on 6 October 2020 to 30 June 2023, the instant asset write-off threshold does not apply to businesses using the simplified depreciation rules.with Your eligibility to use instant asset write-off depends on when the car was purchased or ready for use. rom 7.30pm AEDT on 6 October 2020 to 30 June 2023, the instant asset write-off threshold does not apply to businesses using the simplified depreciation rules.
I recommend checking out our eligibility criteria as everyone's circumstances are different. If you're not eligible, you may be able to use temporary full expensing
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Hi there @Annoymous1234
There's a few different options for depreciation, but I'll try not to overwhelm you with too much info.
Assuming you're a small business (turnover less than $10 million
rom 7.30pm AEDT on 6 October 2020 to 30 June 2023, the instant asset write-off threshold does not apply to businesses using the simplified depreciation rules.with Your eligibility to use instant asset write-off depends on when the car was purchased or ready for use. rom 7.30pm AEDT on 6 October 2020 to 30 June 2023, the instant asset write-off threshold does not apply to businesses using the simplified depreciation rules.
I recommend checking out our eligibility criteria as everyone's circumstances are different. If you're not eligible, you may be able to use temporary full expensing
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