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.