Luxury car tax (LCT)
Luxury car tax (LCT) applies to all supplies and importations of luxury cars where the value (including GST) exceeds the LCT threshold. The value generally also includes the price paid for accessories and modifications made to the car before delivery.
Cars with a value higher than the current LCT threshold are subject to a tax of 33% – this tax only applies to the portion of the car’s value that is above the threshold, not the total value of the car.
If you report and pay GST using a pre-determined GST instalment amount (option 3 on your business activity statement [BAS]), don't complete the LCT section of your BAS. We have included your LCT in this amount. You must still report LCT payable (1E) and LCT refundable (1F) when lodging your Annual GST Return. This is due at the same time as your income tax return.
If you report and pay GST annually (option 4 on your BAS), you don't have to report LCT on monthly or quarterly BASs. You'll need to report LCT on your Annual GST Return.
Lodge your BAS
Labels 1E and 1F. LCT applies to cars with a GST-inclusive value exceeding the LCT threshold.