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08-28-2008, 08:34 AM | #68 |
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My contract signed in late June was at pre-LCT increase prices. No specific mention was made, but of course contract T&Cs state they can pass on increases.
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08-28-2008, 04:23 PM | #69 |
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Hope this helps, it's clipped from the ATO's website:
Media Release 2008/32 Tax Commissioner Michael D’Ascenzo has today clarified how the proposed luxury car tax will apply to vehicles delivered from 1 July 2008.In the Federal Budget, the Government announced the luxury car tax would increase from 25 to 33 per cent from 1 July 2008. It is now clear the legislation to make that law will not be passed by then. However, if passed at a later date, the proposed law in its present form will apply retrospectively from 1 July 2008. If the law is enacted, motor vehicle suppliers will need to report and pay the additional 8 per cent tax on luxury cars delivered from 1 July 2008. They are entitled to pass on the additional tax to their customers. So if a car is ordered after 1 July but before the law is passed, motor vehicle suppliers can charge a higher price to cover the extra tax that will become payable if the law is passed. Alternatively, they can enter into contracts with customers that require customers to pay the amount of the extra tax after the law is passed. Where a luxury car is ordered but not delivered before 1 July, the supplier is entitled to include the extra luxury car tax in the price of the vehicle. This is because the rate of luxury car tax is determined by the date of delivery, not the date the order is placed. The current law continues to apply until the proposed law is enacted, which means the luxury car tax will continue to be 25 per cent until then. “To reduce compliance costs for motor vehicle suppliers, the Tax Office will allow them to report the additional luxury car tax in the first business activity statement (BAS) that is due after the law is passed, without incurring additional penalties or general interest charge,” Mr D’Ascenzo said. “Alternatively, motor vehicle suppliers may choose to account for their additional luxury car tax liability by requesting the Tax Office to amend their BAS for the period in which they originally accounted for their luxury car tax.” |
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08-28-2008, 04:36 PM | #70 |
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so basically, when the dealers are collecting the tax (eg BMW), they are not being required to remit it to the ATO, they're just keeping our 8% and earning interest on it... awesome! And for those of us that are leasing, we're borrowing money, paying interest on it so that we can lend it to BMW to earn interest on it.
Hmmm... quite the financial structure... puts Macquarie bank to shame. |
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09-03-2008, 02:21 AM | #71 |
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update
Oh no..... I just read the following and things are looking grim.
Based on the quoted <7L/100km the only 1-series car on the "combined" measure that passes is the 120d. No other 1 (including 120, 118, 116, 125) is under 7. Mark Davis, The Sydney Morning Herald, September 3, 2008 The Greens have done a deal with the Federal Government that will see some fuel-efficient luxury cars exempt from the luxury car tax increase. The federal Treasurer, Wayne Swan, has offered a tax break on expensive but highly fuel-efficient vehicles in return for critical Senate support for his budget plan to increase the luxury-car tax, the Greens said yesterday. A Greens senator, Christine Milne, said the party had reached an agreement with the Treasurer to exempt cars worth between $57,000 and $75,000 from the luxury-car tax increase if they had fuel consumption of seven litres per 100 kilometres or better. A spokesman for Mr Swan would not confirm that a deal had been reached, saying the Government was still negotiating with Senate parties to have its budget measures approved. With the Opposition voting against the luxury-car tax increase, the Government will need support from the five Greens senators, the Family First senator Steve Fielding and the independent senator Nick Xenophon. It announced in May that the luxury-car tax on vehicles worth more than $57,000 would rise from 25 per cent to 33 per cent, collecting an extra $555 million in revenue over four years. Senator Milne said the Greens would support the legislation after the Treasurer agreed to exempt fuel-efficient cars. She said this would encourage motorists to buy cars with lower greenhouse gas emissions, helping to deliver the reductions needed from the transport sector to tackle climate change. Greens officials said the exemption would cost the budget $39 million. However, the Opposition attacked the Government, saying that such a deal would be a blow to the Australian car-making industry because it would give European-made cars a big price advantage over Australian competitors. BMW, Mercedes and SAAB models would be among those priced between $57,000 and $75,000, which have fuel efficiency of seven litres per 100 kilometres or less. Australian-made luxury cars such as the Holden Statesman have fuel efficiency of 11.5 litres or higher for every 100 kilometres. |
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09-03-2008, 03:43 AM | #74 |
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Maybe local manufacturers will lift their games and build more fuel efficient engines.
I reckon they should go further and tax the crap out of old cars and get them off the road.
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09-03-2008, 04:54 AM | #75 |
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On A.M. this morning, I am pretty sure I heard that there's a proposal forward, amongst all of the above, to get rid of the reprocicity (I think that's a word) of the LCT. In other words, make it not apply to vehicles ordered before the tax was announced (budget night). I'm pretty sure that's right, I was half asleep. So, in other words, if you ordered in May or June, you'd be exempt.
Time will tell.
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09-03-2008, 05:13 AM | #76 |
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Guys help me here!
What friggin car costs between these proposed amounts and gives a combined, as rated in the Green Vehicle Guide, 7l/100 or better. I can't think of any. |
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09-03-2008, 05:22 AM | #77 | |
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Besides, cars that use more fuel pay more tax than efficient cars. They use more petrol and therefore pay more of the tax.. plus the tax on the tax. I hate environmental nazis.( best I add, that's not addressed to you, just a general comment) |
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09-03-2008, 05:23 AM | #78 | |
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When are they going to make a final decision? |
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09-03-2008, 05:38 AM | #81 |
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There are plenty:
Mercedes C220CDI BMW 320d Audi A4 diesel Alfa 159 2.4 diesel BMW X3 2.0d Can't think of any others, but do you see a trend??? |
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09-03-2008, 06:03 AM | #82 | |
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Good point Wayne (diesel or nothing), just checked the Comb Fuel Figures and they range between ~5.8 and 6.8 l/100. Then I did a quick Config on a 320D and it doesn't take much, as with all BM options, to blow the price ex ANY taxes or ORC to close to $75k. I guess my point is that the choice is very very narrow, and, based on the list you provided, the govenment wants us, those who can afford to breach "their" (The Australian Labour Farty) BS ceiling for LCT, to buy a stinking messy diesel (sorry to offend anyone out there, just a little pissed at more of my hard earned going back to the gov coffers). As others have said, we already pay tax for the fuel we consume so in the end why not charge a higher $ per litre (can't believe I said that) hence user pays, instead of killing us for owning a car that doesn't fit their BS "critiria". Buy a Diesel something, do 40,000km per annum, get a discount in taxes, buy a efficient petrol car that doesn't fit the criteria, drive it 10,000km per year and pay the price. RUDD SUCKS.. Therapy, that feels better. |
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09-03-2008, 06:17 AM | #88 |
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Can't remember which Season 11 episode it was but Clarkson showed a Prius going as fast as it can around their test track followed by an E92 M3 used MORE fuel over 10 laps than the M3! His solution - If you want to save money on fuel, buy an M3!
I love their irreverent road tests!:thumbup:
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