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Presentation Heading Subheading

Luxury Car Tax

What is Luxury Car Tax (LCT)? LCT is a tax imposed on the GST-inclusive value of the ‘luxury’ cars over the LCT threshold 2012/13 thresholds: Non fuel efficient car $59133 Fuel Efficient car $75,375(fuel consumption below 7 litres per 100 km)

What is a Luxury Car? A motor powered road vehicle that is designed to carry: a load < 2 tonnes < 9 passengers And includes Passenger cars station wagons 4 wheel drives Limousines

Who is Liable for LCT? You must pay LCT if you : Are registered for GST and Sell a luxury car

How much LCT? If vehicle delivered BEFORE 1 July 2008 25% If vehicle delivered AFTER 3 October 2008 33%

Cars not subject to LCT If above the threshold but: Manufactured in Aust > 2 years before supply An emergency vehicle If fitted out and purchased for a person with a disability A motor home or campervan A commercial vehicle (designed to carry goods)

(LST value – LCT threshold) x 10/11 x 33% How is LCT calculated? (LST value – LCT threshold) x 10/11 x 33% LCT value includes : *GST *delivery charges *standard warranties It does not include: *CTP *finance costs *extended warranties *Any other Australian taxes eg Stamp Duty, transfer fees, registration

Example Kirk sells a non-fuel efficient car worth $89,999 incl GST, but before LCT Value above threshold $89,999-59133 = $30866 Exclude GST 30866 *10/11= $28,060 Calculate LCT 28060 * 33%= $9259

McCoy sells a fuel efficient car Example McCoy sells a fuel efficient car worth $102,149 incl GST & LCT 1. Exclude the GST (10%)& LCT (33%) from the amount above the threshold Value above threshold 102,149 - 75375=26,774 Exclude GST & LCT 26,774/1.43=18,723 3. Calculate LCT $18723* 33%=6,178