Money Doesn’t Come Without Guidance ...
Luxury Car Tax (LCT) is a tax on luxury cars that is payable by businesses that sell or import luxury cars – businesses include retailers, wholesalers, manufacturers and other businesses that sell luxury cars. Individuals (private buyer) also have to pay LCT if they import luxury cars. So, do you pay LCT of the total price? Thankfully, no. LCT is charged on the portion of the car’s price that exceeds the luxury car threshold, and the rate is 33%. LCT is applicable to most new cars with a GST-inclusive value above the LCT threshold. The LCT threshold is subject to change each financial year.
Who needs to pay LCT?
Who needs not to pay LCT?