Instant asset write-off ended ended in the 2022FY, in the 2023FY you could fully expense an asset purchased in that year which effectively is the same as instant asset write off.
From July 1 2023, any business assets purchased for more than $20,000.00 will have to be depreciated using the small business general pool, first year is 15% and every year after is 30% depreciation. Anything purchased less than $20,000 can be written off immediately. Whereas prior to 30 June 2023, essentially any asset, New or second hand could be written off 100% regardless of the price.
What ever you sell for at a latter date is classed as income and hence taxable
The above is from my accountant when I recently asked about assets I will be purchasing this year
Not sure if it's any different for individuals, it really is a question to put to your accountant as the will know how it applies to you specifically
