what is the luxury tax on cars

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33%

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  • 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 vehicles are subject to the New York luxury car tax?

  • In the 2013 model year, the only vehicles subject to the tax are large-engine luxury vehicles, performance cars and sports cars. A luxury car tax is a tax applied to the purchase of automobiles whose cost exceeds a certain threshold.

  • What is an example of a luxury tax?

  • For example, a luxury tax might be imposed on real estate transactions above $1 million, or car purchases over $70,000. All taxes are controversial but some are more controversial than others.

  • What countries have luxury car taxes?

  • Luxury Car Taxes. Luxury car taxes are levied in some countries around the globe. Australia, India, Indonesia and Mexico all have either a specifically identified luxury car tax or car taxes in which the rate goes up as the value of the car increases.

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