Ct200H & Luxury Car Tax

[StephenM]

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.

[DANSLEX]

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

[StephenM]

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.

[DANSLEX]

Bummer :( Thought that would be the case.

This figure is way too low in my opinion, should be at least 20K higher.

[GGPIS300]

>This figure is way too low in my opinion, should be at least 20K higher.

You've got it the wrong way around, Lexus prices should be at least 20k lower.

Especially the IS-F & RX...

[jolt]

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.

[StephenM]

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.