A New Tax System (Luxury Car Tax) Act 1999
The amount of luxury car tax payable on a * taxable supply of a luxury car is as follows:
| Rate | × |
10
11 |
× | [ * Luxury car tax value − * Luxury car tax threshold ] |
where:
rate
is the rate applicable under:
(a) the A New Tax System (Luxury Car Tax Imposition - General) Act 1999 ; or
(b) the A New Tax System (Luxury Car Tax Imposition - Customs) Act 1999 ; or
(c) the A New Tax System (Luxury Car Tax Imposition - Excise) Act 1999 .
View history note
Hide history note
(2)
However, if luxury car tax has already become payable in respect of the car, the amount of luxury car tax payable on a * taxable supply of a luxury car is:
(a) the amount of luxury car tax on the supply (worked out in accordance with subsection (1) ); minus
(b) the sum of all luxury car tax that was payable in respect of any previous * importation or supply of the car.
The amount of luxury car tax payable on a taxable supply of a luxury car is zero if the amount in paragraph (a) is less than the amount in paragraph (b).
(3)
In determining the luxury car tax that was payable in respect of any previous * importation or supply of a * car for the purposes of paragraph (2)(b) , take into account * luxury car tax adjustments (if any) other than luxury car tax adjustments made under Subdivision 15-C (bad debts adjustments).
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
