House of Representatives
Tax Laws Amendment (Luxury Car Tax) Bill 2008
A New Tax System (Luxury Car Tax Imposition - General) Amendment Bill 2008
A New Tax System (Luxury Car Tax Imposition - Customs) Amendment Bill 2008
A New Tax System (Luxury Car Tax Imposition - Excise) Amendment Bill 2008
Explanatory Memorandum
Circulated by authority of the Treasurer, the Hon Wayne Swan MPGeneral outline and financial impact
Increased rate of luxury car tax
These Bills amend the luxury car tax legislation to increase the luxury car tax rate from 25 per cent to 33 per cent.
Date of effect : 1 July 2008.
Proposal announced : This measure was announced in the 2008-09 Budget and in the Treasurer's Press Release No. 042 of 13 May 2008.
Financial impact : The revenue impact from the measure is estimated to be:
| 2008-09 | 2009-10 | 2010-11 | 2011-12 |
| $130m | $140m | $140m | $145m |
Compliance cost impact : Minor transitional compliance and administration costs are expected resulting from the rate change.