The Luxury Car Tax Thresholds effective from July 1, 2015 and applicable for the 2015/16 financial year are as follows:
• ‘Standard’ motor cars $63,184
• ‘Fuel efficient’ motor cars $75,375 (unchanged)
A fuel efficient motor vehicle has a fuel consumption that does not exceed 7 litres per 100 km. This is as a combined rating under the vehicle standards in force under section 7 of the Motor Vehicle Standards Act 1989.
The Car Depreciation Limit remains unchanged at $57,466, which means that the GST Input Tax Credit (ITC) on motor cars is limited to $5,224.18 (being 1/11 of the Car Depreciation Limit).