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What is the luxury car tax?
Adjustments, credits and refunds. See also: Luxury car tax rate and thresholds. Definitions – Luxury car tax. Luxury car tax (LCT) is a tax on cars with a GST-inclusive value above the LCT threshold. You must pay LCT when you sell or import a luxury car. Last modified: 27 May 2016QC 22094.
What is the rate of LCT on luxury cars?
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. Luxury car tax (LCT) is a tax on cars with a GST-inclusive value above the LCT threshold.
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.
What is the luxury car tax threshold for 2020?
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. How has the luxury car tax threshold changed over time?