Jump to content

Ct200H & Luxury Car Tax


StephenM
 Share

Recommended Posts

For anyone acquiring a CT200h with an ABN, keep in mind that the CT200h falls into the ATO's definition of a "fuel efficient vehicle" which is a vehicle having a fuel consumption that does not exceed 7 litres per 100 kilometres. The published figure for the CT200h is 4.1 litres per 100km.

The Luxury Car Tax for 2010-2011 would normally cut in at $57,466 but for fuel efficient vehicles it's $75,375. That means that for anyone who can claim the GST back on their purchase, they'll be able to claim the full amount of the GST rather than up to the $57,466 limit.

As a disclaimer, you should confirm the above with your accountant.

Link to comment
Share on other sites

Curious if this also applies to the car's depreciation limit. I can't find anything specific saying it does.

I'm afraid not. The same thought went through my mind. I called up the ATO and after much researching by them they said the regular "car limit" applies and that's the $57,466 figure.

Link to comment
Share on other sites

  • 4 months later...
  • 5 months later...

For anyone acquiring a CT200h with an ABN, keep in mind that the CT200h falls into the ATO's definition of a "fuel efficient vehicle" which is a vehicle having a fuel consumption that does not exceed 7 litres per 100 kilometres. The published figure for the CT200h is 4.1 litres per 100km.

The Luxury Car Tax for 2010-2011 would normally cut in at $57,466 but for fuel efficient vehicles it's $75,375. That means that for anyone who can claim the GST back on their purchase, they'll be able to claim the full amount of the GST rather than up to the $57,466 limit.

As a disclaimer, you should confirm the above with your accountant.

Unfortunately the ATO is happy to give you a concession on whether Luxury Car Tax is payable but they won't let you claim any extra GST input tax credit just because it's fuel efficient ...

http://www.ato.gov.a...8276.htm&page=4

Generally, if you purchase a car and the price is more than the car limit, the maximum amount of GST credit you can claim is one-eleventh of that limit. For 2011-12, the maximum GST credit you can claim is $5,224 (that is, 1/11 x $57,466). This limit also applies to cars which are fuel efficient.

Link to comment
Share on other sites

For anyone acquiring a CT200h with an ABN, keep in mind that the CT200h falls into the ATO's definition of a "fuel efficient vehicle" which is a vehicle having a fuel consumption that does not exceed 7 litres per 100 kilometres. The published figure for the CT200h is 4.1 litres per 100km.

The Luxury Car Tax for 2010-2011 would normally cut in at $57,466 but for fuel efficient vehicles it's $75,375. That means that for anyone who can claim the GST back on their purchase, they'll be able to claim the full amount of the GST rather than up to the $57,466 limit.

As a disclaimer, you should confirm the above with your accountant.

Unfortunately the ATO is happy to give you a concession on whether Luxury Car Tax is payable but they won't let you claim any extra GST input tax credit just because it's fuel efficient ...

http://www.ato.gov.a...8276.htm&page=4

Generally, if you purchase a car and the price is more than the car limit, the maximum amount of GST credit you can claim is one-eleventh of that limit. For 2011-12, the maximum GST credit you can claim is $5,224 (that is, 1/11 x $57,466). This limit also applies to cars which are fuel efficient.

Looks like the government slipped-in a change to the ruling for 2011/2012. Wasn't the case for 2010/2011.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share




×
×
  • Create New...




Forums


News


Membership