10% of the original price
People also ask
Do you have to pay luxury car tax on a used car?
Do you have to pay luxury car tax on a used car? The ATO states luxury car tax is only applied to eligible vehicles under two years old. If the car is being sold for a second time, it will only attract LCT if it has increased in value. Given most cars depreciate over time, this is an unlikely scenario.
What states have luxury car taxes?
Other states that apply taxes on the value of the car include Minnesota, California, Wyoming and Louisiana. A luxury car tax is a tax applied to the purchase of automobiles whose cost exceeds a certain threshold.
How is luxury car tax calculated in Australia?
How is luxury car tax calculated in Australia? To work out the amount of luxury car tax payable, the ATO applies this formula : (LCT value 鈥?LCT threshold) 10 11 33%
What is LCT tax on a car?
Luxury car tax Luxury car tax (LCT) is a tax on cars with a GST-inclusive value above the LCT threshold. LCT is imposed at the rate of 33% on the amount above the luxury car threshold. LCT is paid by businesses that sell or import luxury cars (dealers), and also by individuals who import luxury cars.