The Bill contains minor and technical amendments to the A New Tax System (Luxury Car Tax) Act 1999, the Taxation Administration Act 1953 and the Tax Laws Amendment (Luxury Car Tax) Act 2008 to ensure that the amendments contained in the latter Act operate as intended. The amendments clarify that the vehicle financing arrangements do not affect refunds under Division 18 of the A New Tax System (Luxury Car Tax) Act 1999 being claimed by all eligible businesses, or contracts entered into before Budget night facing the 25% luxury car tax rate. The amendments also clarify that the luxury car tax refunds under Division 18 are to be paid directly to the claimant. In the main the changes take effect from 1 July 2008. However, the amendment for finance arrangements entered into before 7.30 pm on 13 May 2008 will commence from 3 October 2008, which is the date that these provisions commenced.
On 27 November 2008, the Bill was passed by the House of Representatives without amendment and now proceeds to the Senate.
For a copy of the Bill, go here.
For a copy of the EM, go here.