LCT (Luxury Car Tax) update 24/25

[5.0ALM]

Good news!

LCT threshold for this financial year 24/25 has been raised by $3,617 to $80,567.

See table below:

I'll be asking my dealer for a revised invoice to reflect having to pay less LCT.

Sponsored

 

[ZBOBMAN]

An you downunders put up with this?

 

[5.0ALM]

Ford.com.au Mustang builder reflects the reduced LCT component.

As expected, this LCT threshold rise now knocks several hundred dollar off.

The real cost of the $2,950 MagneRide option including LCT component (and no other options) is now

approximately $3,966.

 

[Neggytive]

An you downunders put up with this?

Canadians have a similar issue, I think it kicks in at 100K Canadian which is not a lot in USD's

My Canadian neighbor in FL wanted a C8, with a lot of the high end stuff on it.

He was faced with unchecking boxes on the order sheet or just saying screw it and sticking with his 13 Z06

Last I saw the Z06 was still in his garage.... although he offered it to me w/ 3500 miles on it for 35K

 

[Deano1978]

Ford.com.au Mustang builder reflects the reduced LCT component.

As expected, this LCT threshold rise now knocks several hundred dollar off.

The real cost of the $2,950 MagneRide option including LCT component (and no other options) is now

approximately $3,966.

My dealer sent me a new contract with a price. It's $1,050 cheaper than before.

I just specced mine on the builder for my post code and the website is still $200 more expensive than what's in my revised contract.

Not sure if they've made a mistake, but I'm holding them to the lower price.

 

[5.0ALM]

My dealer sent me a new contract with a price. It's $1,050 cheaper than before.

I just specced mine on the builder for my post code and the website is still $200 more expensive than what's in my revised contract.

Not sure if they've made a mistake, but I'm holding them to the lower price.

Yeah, I noticed my contract (from last year) was a slightly less than the on-line builder estimate.

All good!
The 24/25 LCT saving is money towards rego and insurance.

I wouldn't classify a $90k car as "luxury" these days.
Luxury cars would be $120k+.

It's just another tax grab, and stamp duty should have been abolished with the introduction of GST. But don't get me started.

 

[5.0ALM]

FYI for those waiting on their MY24.50 vehicles...

I'm taking delivery next week (see signature for vehicle details), and new invoice has just been received. (Previous invoice was from Nov 2023)

With the LCT threshold rising, there's been a very welcome $1,121 reduction in invoice total with less LCT and Stamp Duty being paid.

 

[VB50GT]

Yes I noticed about the same reduction on mine - slightly more because it's an auto...

I'm trying to get mine before the weekend, but not sure it will happen yet.

 

[OBDH]

ATO putting their hands out again.
I recall LCT being introduced so that Australia made luxury vehicles like the statesman and faiirlane could compete with imported luxury cars.

Well! What happened when the Australian made luxury vehicles were no longer manufactured? Nothing at all! The ATO is still taxing us with LCT.

Sponsored