Australia Tax Agency Announces Luxury Car Tax Rate, Thresholds

The Australian Taxation Office June 2 announced the luxury car tax (LCT) and fuel-efficient LCT thresholds for tax years 2019-20 and 2020-21. The 2019-20 thresholds are: 1) A$75,526 (US$52,110) for fuel-efficient vehicles; and 2) A$67,525 (US$46,604) for all other vehicles. The 2020-21 thresholds are: 1) A$77,565 (US$53,478) for fuel-efficient vehicles; and 2) A$68,740 (US$47,429) for all other vehicles. An LCT rate of 33 percent applies to vehicles above the threshold. [Australia, Australian Taxation Office, 06/02/20]

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