NOTE:
this article has nothing to do with motor vehicle depreciation. To read that topic, click here.
The following topic is for:
- business owners in the business of selling/importing luxury cars (e.g. car dealers)
- and/or individuals who import luxury cars
Intro:
Luxury car tax (LCT) is a tax on cars with a GST-inclusive value above the LCT threshold.
LCT is imposed at the rate of 33% on the amount above the luxury car threshold.
LCT is paid by businesses that sell or import luxury cars (dealers), and also by individuals who import luxury cars.
