what is the threshold for luxury car tax

Best answer

Above $30,000

People also ask

  • What is the LCT threshold for luxury car tax?

  • Luxury car tax rate and thresholds Luxury car tax rate Cars with a luxury car tax (LCT) value over the LCT threshold attract an LCT rate of 33%. Luxury car tax thresholds The following table lists the LCT thresholds for the relevant financial year 鈥?the financial year the car was imported, acquired or sold.

  • How much luxury car tax do I pay on a car?

  • The amount of Luxury Car Tax payable on the purchase of a car depends on the amount by which the car’s price exceeds the Luxury Car Tax threshold.

  • What is the ATO鈥檚 luxury car tax?

  • 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 2019/2020 financial year, the thresholds have been set at $75,526 for 鈥榝uel-efficient vehicles鈥?and $67,525 for all other vehicles.

  • What is the luxury tax credit tariff?

  • This tariff is placed on luxury cars that are at the higher end of the market. The LCT was brought it to protect the local car manufacturing market in a bid to persuade Australian to purchase locally made cars.

    Leave a Comment