Ah, the Luxury Car Tax (LCT) – Australia’s way of reminding you that shiny toys don’t come cheap. As of now, the LCT rate is 33% on the amount above the threshold. For the 2024-25 financial year, that threshold is $71,849 for most vehicles, or $80,041 for fuel-efficient vehicles (those with emissions under 7 litres/100km). So, if you buy a car costing $100,000, you pay 33% tax on $28,151 ($100,000 - $71,849). Remember, many luxury cars start well above that threshold new, and used prices vary widely—check Tradingpost or CarShowroom for current market rates. Consult the Australian Taxation Office for the official breakdown and any updates.
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