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As we navigate the world of luxury cars, it’s important to stay on top of the latest trends and regulations. Today, we’ll be discussing the Australian Taxation Office’s (ATO) guidelines for luxury car tax, as well as the top luxury car picks for 2021.

Top Luxury Cars for 2021

First up, let’s take a look at some of the most exciting luxury cars to hit the market this year. From sleek sports cars to spacious SUVs, there’s something for everyone.

2021 Porsche 911 Turbo S

With a top speed of 330km/h, the Porsche 911 Turbo S is a force to be reckoned with. Its sleek design and powerful engine make it one of the most desirable sports cars on the market.

2021 Mercedes-Benz S-Class

The Mercedes-Benz S-Class is known for its luxury and comfort, and the 2021 model does not disappoint. With a roomy and lavish interior, this sedan is the perfect choice for long drives.

2021 Land Rover Defender

If you’re in the market for an SUV, look no further than the Land Rover Defender. Its rugged design and off-road capabilities make it the ultimate adventure vehicle.

Luxury Car Tax Guidelines

Now that we’ve covered the top luxury cars of 2021, let’s discuss the ATO’s guidelines for luxury car tax.

What is Luxury Car Tax?

Luxury car tax is a tax on cars with a value above a certain threshold. The current threshold is $68,740 for fuel-efficient cars and $77,565 for all other cars.

How is Luxury Car Tax Calculated?

Luxury car tax is calculated at a rate of 33% on the value of the car above the threshold. For example, if you purchased a car worth $90,000, the luxury car tax would be calculated on the remaining $22,435 (90,000 - 68,740).

Things to Keep in Mind

If you’re considering purchasing a luxury car, it’s important to keep the following things in mind:

• Luxury car tax is in addition to the Goods and Services Tax (GST)
• Some cars are exempt from luxury car tax, such as cars designed to carry more than 8 passengers
• If you use the car for both personal and business purposes, you may be able to claim some of the luxury car tax back through your business

In Conclusion

As you can see, there’s a lot to consider when it comes to luxury cars and taxes. However, with the right knowledge and resources, you can make informed decisions and select the perfect luxury car for your needs.

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