Australia Tax Agency Announces 2023-24 Valuation Limit for Depreciation of Cars Used for Business Purposes

The Australian Taxation Office June 2 announced the valuation limit for depreciation of cars used for business purposes, effective July 1. The announcement includes: 1) the maximum valuation limit of A$68,108 (US$45,095), for depreciation of cars first used or leased in 2023–24; 2) the GST credit limit of A$6,191 (US$4,098), for car purchases that exceed the depreciation threshold in 2023-24; 3) the requirement that taxpayers correctly identify and justify the percentage claimed as…