If you leased a luxury car and wish to claim a deduction at item D1 or D2, the following information about luxury cars will help you.
You can claim a deduction for the decline in value of a leased luxury car (but not for other leased cars). The car can be new or second-hand. You must use either the:
- 'one-third of actual expenses' method, or
- 'logbook' method.
When claiming a deduction for decline in value, the initial value that you use for the car is the limit that applied in the income year in which the lease began.
Table 2 |
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Luxury car limits for the past 10 years |
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2011-12 |
$57,466 |
2006-07 |
$57,009 |
|
2010-11 |
$57,466 |
2005-06 |
$57,009 |
|
2009-10 |
$57,180 |
2004-05 |
$57,009 |
|
2008-09 |
$57,180 |
2003-04 |
$57,009 |
|
2007-08 |
$57,123 |
2002-03 |
$57,009 |