Luxury car tax threshold for 2009–10

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The luxury car tax (LCT) threshold is $57,180 for the 2009–10 financial year. The car limit for fuel efficient cars is $75,000.

A 33% LCT rate applies to most cars over these thresholds.

The maximum goods and services tax (GST) credit that can be claimed by clients that purchase a luxury car is $5,198. This applies regardless of whether the luxury car is fuel efficient or not.

Tagged as: LCT, Luxury car tax, Luxury vehicle

Article by Christie Lewis

Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.

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