Luxury Car Tax
A tax paid on new passenger vehicles whose sale price exceeds the Luxury Car Tax Threshold. Luxury Car Tax is calculated as 33% of the GST exclusive portion of the vehicle’s purchase price over the Luxury Car Tax Threshold.
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LCT
Acronym for Luxury Car Tax. See Luxury Car Tax.
Luxury Car Tax Threshold
The minimum value (price) at which Luxury Car Tax must be paid on vehicles that meet Luxury Car Tax criteria. For the 2016-2017 financial year the threshold for regular vehicles is $64,132.00, and for fuel efficient vehicles is $75,526.00.