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Do you love luxury cars? We have some exciting news for you! The luxury car tax threshold has been increased for this year. This means that you can now purchase a luxury car without having to worry about paying a high tax.

Luxury Car Tax Threshold Increased

This news comes as a relief for those who have been eyeing a luxury car for a long time but were deterred by the high tax. The new threshold will make luxury cars more accessible to a wider range of people.

What is Luxury Car Tax?

Luxury Car Tax (LCT) is a tax imposed by the Australian Government on cars that have a value above a certain threshold. The tax is currently set at 33% of the amount that the car's value exceeds the threshold.

For the year 2020-21, the threshold has been increased to $68,740. This means that any car with a value below this threshold will not be subject to the LCT.

Why Was the Threshold Increased?

The threshold for LCT is reviewed annually to ensure that it keeps up with inflation. The increase in the threshold for this year is a reflection of the rise in the cost of living.

By increasing the threshold for LCT, the government is hoping to stimulate the economy by encouraging individuals to make big-ticket purchases. This will, in turn, help to support the automotive industry and create jobs.

What About Imported Cars?

If you are in the market for an imported luxury car, you may still be subject to LCT. The rules surrounding LCT for imported cars can be complicated, and it is always best to speak to a professional to get advice on the matter.

In Conclusion

If you have been thinking about purchasing a luxury car, now is the perfect time to do so. With the increased threshold for LCT, you can enjoy all the benefits of an expensive car without having to pay a high tax.

So go ahead and indulge yourself. You deserve it!

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