Luxury Car Tax Xero

Luxury Car Tax Xero. You must pay LCT when you sell or import a luxury car. In this lesson, we're going to cover how to set up sales tax rates in Xero.

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Luxury Car Tax (LCT) is a tax charged on imported vehicles valued over a threshold set by the Australian Taxation Office. The term is subjective and reflects both the qualities of the car and the brand image of its manufacturer. Luxury car tax (LCT) is a tax on cars with a GST-inclusive value above the LCT threshold.

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Hybrid car tax credits work by giving you a nonrefundable credit on your income tax return. The car tax rates applicable under the benefit-in-kind (BIK) tax system were lowered for three years, while those for higher-emissions cars were raised. Luxury car tax (LCT) is a tax on cars with a GST-inclusive value above the LCT threshold.

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