Luxury Car Tax

[dreamon Senior Member Find all posts View Profile Close dreamon]

Does anyone know much about LCT as I'm thinking about upgrading my 120 Prado to the new 150 series. Would I save myself any money if I bought a vehicle without any accessories on it, then added them the following week. Will I pay LCT only on the purchase price

[Ryzz Advanced Member Find all posts View Profile Close Ryzz]

Re: Luxury Car Tax

Does anyone know much about LCT as I'm thinking about upgrading my 120 Prado to the new 150 series. Would I save myself any money if I bought a vehicle without any accessories on it, then added them the following week. Will I pay LCT only on the purchase price

LCT is payable on every dollar over $57,180. So for every dollar over $57,180, you have to pay an extra $0.33 in tax.

So if you buy any accessories separately after the purchase of the car, the price will be cheaper as you wont be paying an extra 33% tax on the accessories.

[waltec Senior Member Find all posts View Profile Close waltec]

Re: Luxury Car Tax

It amazes me that 4wds aren't in a different class to normal cars. Luxury tax isn't really a good name for it, I certainly wouldn't class GXL as a luxury car, but a $60k sedan is a different story. If you need a large car (towing or seats) you get stung.

Matt

[AJ120 Out of control poster! Find all posts View Profile Close AJ120]

Re: Luxury Car Tax

HI,

Ryzz is spot on. I went through this last year when i bought my new Prado. I do wonder though, with the accesories just what the car yards paper work looks like when they submit their tax. I wouldnt mind betting that after charging the customer the extra 33% they then put the sale of the car and the accesories through as seperate sales and pocket the 33%. :shock: or am i just being cynical.

Cheers Andrew

[KAKADAZ Avid PP Poster! Find all posts View Profile Close KAKADAZ]

Re: Luxury Car Tax

Just put the accessories on at first service. Also I found out that the depreciation we claim on the new Kakadu through our business is only calculated up to the 57k LCT price so we can only depreciate 57k of our new 85k car.... :x

[ntp Addicted PP Member Find all posts View Profile Close ntp]

Re: Luxury Car Tax

Just put the accessories on at first service. Also I found out that the depreciation we claim on the new Kakadu through our business is only calculated up to the 57k LCT price so we can only depreciate 57k of our new 85k car.... :x

Looks like it has already depreciated $28,000 :shock: :shock:

[KAKADAZ Avid PP Poster! Find all posts View Profile Close KAKADAZ]

Re: Luxury Car Tax

Just put the accessories on at first service. Also I found out that the depreciation we claim on the new Kakadu through our business is only calculated up to the 57k LCT price so we can only depreciate 57k of our new 85k car.... :x

Time to sack your accountant....

Its on the cards....Is this not true ? and I think the LCT is charged over 67k not 57k will check that one.

[trackers Member Find all posts View Profile Close trackers]

Re: Luxury Car Tax

It is charged on the 57K, and if you lokk closely ,it is calculated after the stamp duties and gst have been added on....a tax on a tax on a tax.....should keep giving Kevin money to throw away!!

[dreamon Senior Member Find all posts View Profile Close dreamon]

Re: Luxury Car Tax

Just got a quote for a GXL manual 3.0L diesel on the road for about $55,000 which I thought was a pretty good price. Then I'll need to put all the fruit on it which will certainly pump the price up quite a bit.