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Luxury car tax (LCT) records – overview

Check your record-keeping requirements if your business sells or import luxury cars.

27 November 2019

If your business sells or imports luxury cars, you need to record your sales and import transactions so you can report your liabilities accurately and substantiate any adjustments, credits or refunds.

Luxury car tax (LCT) records information and examples

Information your records need to show

Examples of types of records

  • You are conducting an enterprise involving trading in luxury cars
  • How you acquired, imported, purchased and paid for the cars
  • How you've used a car while you held it
  • How you've sold, exported or otherwise resupplied the car
  • A valid Australian business number (ABN) quotation
 
  • Motor dealer’s licence, road safety certificates
  • Tax invoices, sales contracts
  • Log books, odometer readings, insurance details
  • Export documentation,
  • Import declarations showing date of import
  • ABN quotation form
 

How long you need to keep your LCT records

You need to keep these records for five years, starting from when you prepared or obtained the records, or completed the transactions or acts those records relate to, whichever is later.

You should keep records long enough to cover the period of review (also known as the amendment period) for an assessment that uses information from the record.

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See also:

60739