Ato Luxury Car Tax

Ato Luxury Car Tax. The data-matching program — which looks at assets from luxury cars to artwork — has been extended and records can be kept for up to five years. A car's value is determined by the retail price, including GST and any customs duty, dealer delivery and.

Cars and tax | Australian Taxation Office (Trevor Freeman)

The ATO will be reviewing arrangements involving sales of both new and second-hand luxury cars between participating entities designed to improperly obtain refunds of luxury car tax (LCT) and evade LCT on the retail sale of the cars. So, we create this guide to help you understand exactly what luxury car tax entails, who it's likely to impact and how the Australian Tax Office (ATO) calculates it. Luxury cars are not just defined by their cosseting ride, extensive levels of technology and refinement, but the level of prestige they bring.

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Twenty-five years ago, luxury cars occupied the upper echelon of the automotive universe, the preferred transportation for individuals who had achieved a certain level of success. These days enormous SUVs have stolen much of that honor, but few of those behemoths. The ATO will be reviewing arrangements involving sales of both new and second-hand luxury cars between participating entities designed to improperly obtain refunds of luxury car tax (LCT) and evade LCT on the retail sale of the cars.

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