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Offline AshSimmonds

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http://www.ato.gov.au/corporate/content.asp?doc=/content/00149877.htm

Quote
Tax Commissioner Michael D’Ascenzo has today clarified how the proposed luxury car tax will apply to vehicles delivered from 1 July 2008.

In the Federal Budget, the Government announced the luxury car tax would increase from 25 to 33 per cent from 1 July 2008.

It is now clear the legislation to make that law will not be passed by then. However, if passed at a later date, the proposed law in its present form will apply retrospectively from 1 July 2008.

If the law is enacted, motor vehicle suppliers will need to report and pay the additional 8 per cent tax on luxury cars delivered from 1 July 2008. They are entitled to pass on the additional tax to their customers.

So if a car is ordered after 1 July but before the law is passed, motor vehicle suppliers can charge a higher price to cover the extra tax that will become payable if the law is passed. Alternatively, they can enter into contracts with customers that require customers to pay the amount of the extra tax after the law is passed.

Where a luxury car is ordered but not delivered before 1 July, the supplier is entitled to include the extra luxury car tax in the price of the vehicle. This is because the rate of luxury car tax is determined by the date of delivery, not the date the order is placed.

The current law continues to apply until the proposed law is enacted, which means the luxury car tax will continue to be 25 per cent until then.

“To reduce compliance costs for motor vehicle suppliers, the Tax Office will allow them to report the additional luxury car tax in the first business activity statement (BAS) that is due after the law is passed, without incurring additional penalties or general interest charge,” Mr D’Ascenzo said.

“Alternatively, motor vehicle suppliers may choose to account for their additional luxury car tax liability by requesting the Tax Office to amend their BAS for the period in which they originally accounted for their luxury car tax.”

For more information on luxury car tax, visit the Tax Office’s website at www.ato.gov.au



Offline mhh

  • Chief Test Pilot

  • Joined: Feb 2006

  • Location: Adelaide
Hell, better get cracking.  :doh:

EDIT:  BTW, what's the story with demo cars already registered?  Must they be delivered to the retail customer before June 30 too to avoid the new higher tax?   I'm guessing yes.



Offline Aircon

  • Master Baiter 300kph+ club
  • Who said it couldn't be done?

  • Joined: Mar 2007

  • Drives: TBA
  • Location: Melbourne, Australia
  • Name: Peter
Hell, better get cracking.  :doh:

EDIT:  BTW, what's the story with demo cars already registered?  Must they be delivered to the retail customer before June 30 too to avoid the new higher tax?   I'm guessing yes.

i'm guessing yes too.

LCT isn't payable until the first retail sale afaik.

I love my car. Buy your own



Offline B2

  • Slowest Ferrari Owner

  • Joined: Apr 2008

  • Location: Melbourne
i'm guessing yes too.

LCT isn't payable until the first retail sale afaik.



I read in the paper today that you will start paying the tax as of 1 July and if the legislation doesn't get passed, then the Tax Office will send you a refund.  I don't see it being bloked somehow once the coalition majority goes in a few months.



Offline Aircon

  • Master Baiter 300kph+ club
  • Who said it couldn't be done?

  • Joined: Mar 2007

  • Drives: TBA
  • Location: Melbourne, Australia
  • Name: Peter
I read in the paper today that you will start paying the tax as of 1 July and if the legislation doesn't get passed, then the Tax Office will send you a refund.  I don't see it being bloked somehow once the coalition majority goes in a few months.

i thought it just wasn't happening. don't remember where i read that, though.

i hope you're wrong re the above...that sounds ridiculous.

I love my car. Buy your own



Offline B2

  • Slowest Ferrari Owner

  • Joined: Apr 2008

  • Location: Melbourne
i thought it just wasn't happening. don't remember where i read that, though.

i hope you're wrong re the above...that sounds ridiculous.



1. I'm never wrong.  :D

2. It was in the daily telegraph today I think.  Any sydney guys on here maybe able to confirm that.

Should be able to give you the link tomorrow.  The website doesn't give you access to todays paper.



Offline AshSimmonds

  • Geekitecht

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  • Drives: GF's shitbox :(
  • Location: Adelayed
  • Name: Humble Narrator
  • www: AshSimmonds.com
I read in the paper today that you will start paying the tax as of 1 July and if the legislation doesn't get passed, then the Tax Office will send you a refund.  I don't see it being bloked somehow once the coalition majority goes in a few months.

...?

Quote
If a car is ordered after 1 July but before the law is passed, motor vehicle suppliers can charge a higher price to cover the extra tax that will become payable if the law is passed. Alternatively, they can enter into contracts with customers that require customers to pay the amount of the extra tax after the law is passed.



Offline AshSimmonds

  • Geekitecht

  • Joined: Feb 2006

  • Drives: GF's shitbox :(
  • Location: Adelayed
  • Name: Humble Narrator
  • www: AshSimmonds.com
http://www.news.com.au/adelaidenow/story/0,22606,23987626-5006301,00.html

Quote
HOLDEN has sent the Federal Government a warning that it must help keep the car industry competitive internationally or more makers will close their doors.  Holden chairman and managing director Mark Reuss says that if  Australia loses its automotive manufacturing industry, it is unlikely to ever get it back.

I just priced a Statesman (3.6L) and it's about $61k, so I looked on the US BMW site and found you can get a 550i for the same price (in AUD), then I checked the Oz BMW site for the same 550i - base price is $170k. :eek:  ($39k of which is tax)




Offline TTz

  • Mr White

  • Joined: Jun 2007

  • Location:
  • Drives:
Want to know what the tax is on a LP640 ?
cost inc freight etc
5% import then add
25% or 33% LCT
then add total and apply GST 10%

Please stamp duties etc.

Well north of $200k and for what ?

Protecting our local manufactoring industry?, and the fucked govt's answer.... Because you make more money we will tax you more and more and more........ until you have to sack some of your employee's,wont have to pay State taxes. charge your customers more, you busienss wont make profit so you wont pay company taxes let alone provisional taxes,  Your accountants will get you a refund so big you'll be able to by more Lambo's

You'll end up with more exotic's to play with, no stress from too many employee's, unions etc etc, have shit loads of fun, Nett effectively more. And because no one can afford to buy their house all your investment properties will be yeilding returns in the 20% mark for rentals.......

.............. Maybe this Labour govt is a good thing ?





[url=http://aussieexotics.com/forum/lamborghini/mr-White-



Offline Aircon

  • Master Baiter 300kph+ club
  • Who said it couldn't be done?

  • Joined: Mar 2007

  • Drives: TBA
  • Location: Melbourne, Australia
  • Name: Peter
Want to know what the tax is on a LP640 ?
cost inc freight etc
5% import then add
25% or 33% LCT
then add total and apply GST 10%

Please stamp duties etc.

Well north of $200k and for what ?

Protecting our local manufactoring industry?, and the fucked govt's answer.... Because you make more money we will tax you more and more and more........ until you have to sack some of your employee's,wont have to pay State taxes. charge your customers more, you busienss wont make profit so you wont pay company taxes let alone provisional taxes,  Your accountants will get you a refund so big you'll be able to by more Lambo's

You'll end up with more exotic's to play with, no stress from too many employee's, unions etc etc, have shit loads of fun, Nett effectively more. And because no one can afford to buy their house all your investment properties will be yeilding returns in the 20% mark for rentals.......

.............. Maybe this Labour govt is a good thing ?







isn't import duty 10%??

I love my car. Buy your own



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