Changes to Luxury Car Tax Thresholds

The following has been is an extract from the ATO website (Click here to see original) and relates to the year 2016 - 2017.

From 1 July 2016 the luxury car tax threshold for luxury cars increased to $64,132.

The threshold for fuel efficient luxury cars for 2016-17 remains at $75,526.

In general, the value of a car includes the value of any parts, accessories or attachments supplied or imported at the same time as the car.

This article shows you how to amend the Luxury Car Tax Threshold's and Luxury Claimable GST (Input Tax Credit) values used by The Finance Shop.

Amending the Luxury Car Tax Thresholds

You can amend the thresholds in the TFS Administration application.

1. Select Security \ Preference.
2. Select TFS Main Program \ Settings  \ Finance Applications \ Calculations.
3. Click on -157 Luxury Car Tax Threshold (non fuel efficient).
4. Click on Modify.
5. Enter the 2016 / 2017 value of 64132.
6. Click on OK.

You should then repeat the operation for

-232  Luxury Car Tax Threshold (fuel efficient) but enter the 2016 / 2017 value of  75,526.

Amending the Luxury Claimable GST (Input Tax Credit)

1. Select Security \ Preference.
2. Select TFS Main Program \ Settings  \ Finance Applications \ Calculations.
3. Click on -140 Luxury  - Claimable GST (Input Tax Credit).
4. Click on Modify.
5. Enter the 2016 / 2017 value of 5234.64.
6. Click on OK.