People also ask
How much is the luxury car tax rate and threshold?
How much is the luxury car tax rate and what is the threshold? According to the ATO, the luxury car tax is set at 33% of the value of the vehicle above the luxury car threshold. For the 2020/21 financial year, the thresholds are $77,565 for fuel-efficient vehicles, and $68,740 for all other vehicles.
What is LCT (luxury car tax)?
Luxury Car Tax (LCT) is a tax charged when you buy a vehicle that meets a set of luxury car criteria. This calculator can perform two different calculations:
When did the luxury car tax expire?
The luxury car tax expired in 2002 and, as of 2012, has not been renewed or reestablished. When the luxury car tax went into law in 1990, it imposed a 10 percent tax rate on the price of a new car with a suggested retail price above $30,000.
Do you have to pay luxury car tax in Australia?
According to the ATO, the luxury car tax doesn鈥檛 apply if: The buyer has an ABN and will use the car for specific purposes The car was manufactured in Australia more than two years before the sale The car was imported to Australia more than two years before the sale