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19 Dec 13 Luxury car tax and higher purchase agreement - LCTD 2013/D1

On 18 December 2013, the ATO released for public comment by 31 January 2014 draft Luxury Car Tax Determination LCTD 2013/D1 entitled "Luxury car tax: does the luxury car tax value for a car acquired under a hire purchase agreement include the consideration provided for the supply of credit under the agreement?"

The answer given to the question posed is as follows:

"No. The luxury car tax value for a car acquired under a hire purchase agreement under s 5-20(1) of the A New Tax System (Luxury Car Tax) Act 1999 (LCT Act) is the price of the car subject to certain exclusions. The luxury car tax value does not include the consideration provided for the supply of credit under the hire purchase agreement."


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