ato luxury car limit 2023 Ato luxury car limit

Do you love luxury cars? Do you know about the changes in Australia's luxury car tax for 2022-2023? Let me explain it to you. The Australian Taxation Office (ATO) has made changes to the Luxury Car Tax (LCT) for the financial year 2022-23. According to the ATO, the LCT is an additional tax on cars that have a value above a certain threshold. The threshold for the 2022-23 financial year is $71,058. The LCT rate has changed from 33% to 33% + (10/11 x GST). This means that the LCT rate for the next financial year will be 34.441%. Now, you may be thinking, "What does this mean for me?" If you are planning to purchase a luxury car valued above the threshold, you may have to pay more in LCT compared to the previous financial year. However, if your luxury car is valued below the threshold, you will not be required to pay the LCT. To put it simply, if you are planning to buy a luxury car around the threshold value, you may want to reconsider your decision or consult with a tax professional to understand the LCT implications on your purchase. With that being said, let's take a look at some images that explain the luxury car tax changes in Australia for 2022-2023.

Australian luxury car tax changes for 2022-2023

What attracts the ATO's attention about luxury car tax

Now that we have a better understanding of the luxury car tax changes, let's move on to a recipe that I think you will love.

Blueberry Lemon Bread Recipe

Ingredients:

• 1/2 cup (1 stick) unsalted butter at room temperature
• 1 cup granulated sugar
• 2 large eggs at room temperature
• 2 teaspoons grated lemon zest
• 1/2 teaspoon vanilla extract
• 1 1/2 cups all-purpose flour
• 1 teaspoon baking powder
• 1/2 teaspoon baking soda
• 1/2 teaspoon salt
• 1/2 cup plain Greek yogurt at room temperature
• 1 cup fresh blueberries

Instructions:

1. Preheat the oven to 350°F (175°C).
2. Grease a 9-inch by 5-inch loaf pan with non-stick cooking spray.
3. In a large bowl, beat the butter and sugar together until creamy and smooth.
4. Add the eggs, one at a time, beating well after each addition.
5. Add the lemon zest and vanilla extract and mix until combined.
6. In a medium bowl, whisk together the flour, baking powder, baking soda, and salt.
7. Add the flour mixture to the butter mixture in three additions, alternating with the Greek yogurt, beginning and ending with the flour mixture. Mix until just combined.
8. Gently fold in the blueberries. Do not overmix.
9. Pour the batter into the prepared loaf pan and smooth the surface with a spatula.
10. Bake for 50 to 60 minutes or until a toothpick inserted into the center of the bread comes out clean.
11. Cool the bread in the pan for 10 minutes before transferring to a wire rack to cool completely.

I hope you try out this delicious blueberry lemon bread recipe and enjoy it. Remember to keep the luxury car tax changes in mind when making any luxury car purchases in Australia for the next financial year.

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