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 is luxury car tax in Australia?
Luxury car tax Australia: What is the LCT? LCT is charged at the rate of 33 percent on the amount above the LCT threshold, which for 2020-2021 is $77,565. What is luxury car tax?
Who pays the import tax on luxury cars?
The tax is paid by dealers who import or sell luxury cars and also by individuals who import luxury cars, with dealers generally passing on the cost of the tax to the buyer as part of a vehicle鈥檚 total price.
Can I claim tax credits for my luxury car?
If you鈥檙e wondering if luxury car tax is deductible, though, the sad answer is no – regardless of how much you use the car in carrying on your business, you can鈥檛 claim tax credits for it. Will luxury car tax be scrapped?