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post #1 of 15 (permalink) Old 09-25-03, 03:32 AM Thread Starter
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Luxury Car Tax

hey ppl....was just wondering wat luxury car tax is
do u have to pay this for the pursuit ute ?
and do u pay it annually ? and how much is this tax
thanx for any info guyz
cheers

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post #2 of 15 (permalink) Old 09-25-03, 04:05 AM
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I understand that the tax is a proportion of each dollar over a certain amount, I think it is around $56 or $57k. I do not know if this amount is indexed p.a. or not (probably not though knowing the government and their love of bracket creep). So, you pay a percentage on the amount over that figure, including accessories but excluding on roads etc.

I paid around a grand of luxury tax on my GT.

So the standard Pursuit should slip under the radar, but accessories may push you over.

There is no ongoing payment.

I believe the luxury tax threshold also has implications for depreciation of the vehicle (ie you can not claim depreciation over this amount)??? Any budding accountants may confirm or deny this.

That is as much as I know as my accountant looks after all of that for me. I just drive the bloody thing and try to ignore the $$$s.

The tax man gets you every which way though!!
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post #3 of 15 (permalink) Old 09-25-03, 04:12 AM Thread Starter
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cheers for the reply White Ba Gt
thanx for the info

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post #4 of 15 (permalink) Old 09-25-03, 04:13 AM
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LCT is something l found even the dealers got confused on when we bought our GT.

The way l understand it is that LCT kicks in at $57k (pre GST) You do not pay GST and LCT, LCT takes the place of GST. In the case of the GT RRP is 60 grand and this includes GST, but the options do not include LCT. So the car roughly before GST would be $54500, once you added $2500 worth of options on top of the base price you would then have to start adding LCT. So Brembo's for example would cost you a lot more than 6 grand because LCT would be charged on (6000-2500=3500) which would add another $900.

To incur LCT on a Pursuit you would have to option it pretty heavily, probably roughly 8 grands worth of options before LCT kicked in.

LCT is only charged once at purchase time. l havent explained it very well but l hope some of this makes sense!
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post #5 of 15 (permalink) Old 09-25-03, 04:24 AM
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Re: Luxury Car Tax

Just for clarification.

LCT is assessed on the value of a vehicle over the luxury car threshold which is presently $57,066. It is included in the actual RRP of the GT and GT-p but accessories added will also attract LCT at the rate of 25%.

It is a one-off payment and the threshold is also the maximum value that can be depreciated for tax purposes. The same applies if the vehicle is leased - the threshold is also the maximum value that is tax deductible (which basically means that you divide the purchase price by the threshold to arrive at a percentage of the lease payment that is deductible).

Cheers
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post #6 of 15 (permalink) Old 09-25-03, 03:47 PM
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Also here in Vic at least you do get the added bonus of only 2.5% commercial vehicle duty instead of 5% for the sedans. For me worked out to be over $1300 less than an equivalent spec XR8 Sedan.

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post #7 of 15 (permalink) Old 09-25-03, 04:02 PM
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ute LCT

Guys, there is NO luxury car tax on Pursuit Utes. Commercial vehicles are 100% exempt. A vehicle which is designed to carry more kg's of cargo than kg's of people is defined as a commercial vehicle - the Pursuit is one of those. I paid none on my Pusuit - don't let the dealers or anyone else tell you otherwise.
For more info, check out ato.gov.au and search for luxury car tax.

Just another reason why utes rule!
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post #8 of 15 (permalink) Old 09-25-03, 05:03 PM
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Re: ute LCT

Quote:
Originally Posted by davidc
Guys, there is NO luxury car tax on Pursuit Utes. Commercial vehicles are 100% exempt. A vehicle which is designed to carry more kg's of cargo than kg's of people is defined as a commercial vehicle - the Pursuit is one of those. I paid none on my Pusuit - don't let the dealers or anyone else tell you otherwise.
For more info, check out ato.gov.au and search for luxury car tax.

Just another reason why utes rule!
Beat me to it davidc!... Definately NO LCT on Pursuit, also only 2.5% stamp duty!

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post #9 of 15 (permalink) Old 09-25-03, 06:27 PM
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Re: Luxury Car Tax

AP always reflects on the warm feeling of having avoided LCT and FBT with buying a Pursuit. Why pay taxes when you don't have to?

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post #10 of 15 (permalink) Old 09-25-03, 07:14 PM
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Re: ute LCT

Quote:
Originally Posted by davidc
Guys, there is NO luxury car tax on Pursuit Utes. Commercial vehicles are 100% exempt. A vehicle which is designed to carry more kg's of cargo than kg's of people is defined as a commercial vehicle - the Pursuit is one of those. I paid none on my Pusuit - don't let the dealers or anyone else tell you otherwise.
For more info, check out ato.gov.au and search for luxury car tax.

Just another reason why utes rule!
Lets see.
Me 100kg
My 4 supermodel girlfriends as passengers 160kg
My luggage 10kg
Their makeup & stuff 500kg.

Where do I apply for my refund....


I wonder if they will beleive me? :s6:

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