Luxury Car Tax Rate
Cars with a luxury car tax (LCT) value over the LCT threshold attract an LCT rate of 33% on acquisition.
For LCT rates prior to 3 October 2008, refer to Luxury car tax rate – previous years.
Luxury Car Tax Thresholds
The following table lists the LCT thresholds for the relevant financial year – the financial year the car was imported, acquired or sold.
If you buy a car with a GST-inclusive value above these LCT thresholds, you must pay LCT except in certain circumstances. In general, the LCT value of a car includes the value of any parts, accessories or attachments you supplied, or imported, at the same time as the car.
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Date of Issue: 4 June 2020 Author: Michelle D’souza
Disclaimer: The contents herein are intended for general information only and should not be construed as legal or accounting advice. Vicca Chartered Accountants Brisbane bears no responsibility for any loss that might occur from reliance on information contained in this publication. Please do not reproduce, transmit or distribute the contents herein in any form without prior permission from Vicca Chartered Accountants, Taxation Accountants Brisbane Australia.