Automotive Update - Luxury Car Tax threshold and fuel-efficient car limit
19 April 2014
Earlier this week the Australian Taxation Office (ATO) released the Luxury Car Tax Determination (LCTD) 2014/2. This publication refers to the Luxury Car Tax (LCT) threshold and the fuel-efficient car limit.
The LCT threshold for the 2014-15 financial year has increased from $60,316 to $61,884.
The fuel-efficient car limit for the 2014-15 financial year remains at $75,375. This Determination applies to the financial year commencing 1 July 2014.
Dealer software and spreadsheets used to calculate the LCT should be updated to reflect this change.
View the ATO Determination.
If you would like to discuss any of the material raised in the document please contact your local automotive specialist.