What is a luxury car?
A luxury car is a car with a GST-inclusive value that exceeds the LCT threshold.
What is a fuel efficient car?
A fuel efficient car is a car which has a fuel consumption not exceeding seven litres per 100 kilometres and is below the fuel efficient car limit.
When is LCT payable?
LCT is payable on all taxable supplies or taxable importations of luxury cars. That is, unless the purchaser or importer quotes their ABN (in the approved form) to the supplier or, if imported, to Customs.
|
For more information, refer to 'Section 4: Quoting your ABN' in Luxury car tax (NAT 3394).
|
What cars are not subject to LCT?
LCT does not apply to a car if one of the following applies:
- it is an emergency vehicle
- it is not GST-free and is specially fitted for transporting disabled people in wheelchairs
- it is a motor home or campervan
- it is a commercial vehicle not principally designed to carry passengers
- it has a supply date of more than two years after the date of its manufacture in Australia (or if imported, entry for home consumption).
I am a car dealer and I sell luxury cars that are subject to LCT. Do I need to fill in the 'LCT payable' box at 1E?
You have to pay LCT and must fill in box 1E.
Any business, particularly motor vehicle retailers, wholesalers, manufacturers or financiers who make a taxable supply of a luxury car must fill in box 1E.
How do I work out the LCT refundable at box 1F?
1F includes any decreasing adjustments to LCT due to a change in circumstances, where it turns out that you have overpaid LCT on a previous activity statement (see Luxury car tax refundable).
Can I claim a credit for LCT that is payable on a luxury car?
You can't claim a credit for LCT regardless of the extent you use the vehicle in carrying on your enterprise.
However, you can claim a GST credit of one-eleventh of the car limit ($5,224 for the financial year 2012-13).
Can I make a voluntary payment?
You can make a voluntary payment, but you don't make them on your activity statement. If you have an EFT code, you can make a voluntary payment by BPAY or by direct credit. If you don't have an EFT code, phone us on 1800 815 886 for help.
Alternatively, you can mail your payment to:
VIC, TAS, WA, SA, NT
Australian Taxation Office
Locked Bag 1936
ALBURY NSW 1936
|
NSW, QLD, ACT
Australian Taxation Office
Locked Bag 1793
PENRITH NSW 1793
|
|
It's very important that you include the following information with your voluntary payment:
- payment type, for example, LCT payment
- your ABN or TFN
- your full name and address (as shown on the front of your activity statement)
- a contact phone number, including the area code.
|
What if I make a mistake?
You can correct a mistake by striking it out in black pen. Write the new information as close as possible to the boxes for the label. You can also use tape whiteout to correct errors. Do not use liquid whiteout - this causes problems with scanning, which will delay the processing of your activity statement.
What if I realised the mistake after lodging my activity statement?
Usually, you need to lodge a revised activity statement - phone us on 13 28 66 to obtain a revised activity statement form. Revised activity statements are also available from the Business Portal, if you are a registered user.
How do I update my address?
We encourage you to ensure the address details we have for you are correct to ensure you receive the correct mail for each of your tax obligations in a timely manner.
To update your address, phone us on 13 28 66 or log in to the Business Portal.
To register for the business portal or for more information:
Last Modified: Friday, 15 February 2013