The Australian Taxation Office (ATO) recently published updated guidance regarding the luxury car tax and simplified deprecation for passenger vehicles (cars).
In regard to the luxury car tax, the update provides that from 1 July 2023, the luxury car tax threshold for fuel-efficient vehicles is increased to AUD 89,332. For all other vehicles, the threshold is increased to AUD 76,950. Where a car has a GST-inclusive value that exceeds the respective threshold, the sale or import of the car …