Where a vehicle exceeds a certain cost in Australia, it is subject to Luxury Car Tax (LCT).
There are various provisions which apply to the calculation of LCT and the claimable depreciation on such vehicles. This support note explains these provisions and how to work with LCT using AssetManager Pro.
Luxury Car Tax generally applies to the purchase of motor vehicles over a threshold, previously this was also the Depreciation Car Limit however as of 2009-10 Luxury Car Tax thresholds were set separately to the Car Limits.
Related Articles
Ensuring Compliance! Which version do you need?
To ensure you are compliant with LCT thresholds for the 2015-16 year you need to be running AssetManager Pro 2015 (v4). You can find more about that release here.
As of the 1st of July 2016 you will need to be running AssetManager Pro 2016 (v5) and you can find more about that release here.
Thresholds
LCT Limit | LCT Limit - Fuel Efficient | |
|---|---|---|
| 1985-86 | $26,660 | |
| 1986-87 | $29,646 | |
| 1987-88 | $34,775 | |
| 1988-89 | $39,331 | |
| 1989-90 | $42,910 | |
| 1990-91 | $45,056 | |
| 1991-92 | $45,462 | |
| 1992-93 | $47,280 | |
| 1993-94 | $48,415 | |
| 1994-95 | $51,271 | |
| 1995-96 | $52,912 | |
| 1996-97 | $55,134 | |
| 1997-98 | $55,134 | |
| 1998-99 | $55,134 | |
| 2000-01 | $55,134 | |
| 2001-02 | $55,134 | |
| 2002-03 | $57,009 | |
| 2003-04 | $57,009 | |
| 2004-05 | $57,009 | |
| 2005-06 | $57,009 | |
| 2006-07 | $57,009 | |
| 2007-08 | $57,123 | |
| 2008-09 | $57,180 | |
| 2009-10 | $57,180 | $75,000 |
| 2010-11 | $57,466 | $75,375 |
| 2011-12 | $57,466 | $75,375 |
| 2012-13 | $59,133 | $75,375 |
| 2013-14 | $60,316 | $75,375 |
| 2014-15 | $61,884 | $75,375 |
| 2015-16 | $63,184 | $75,375 |
| 2016-17 | $64,132 | $75,526 |
2017-18 | $65,094 | $75,526 |