In January, we welcomed Ryley into our dmca advisory family! Read a little on her first week below.
“I’m feeling blessed to start 2022 with the team at dmca advisory! Everyone has been extremely kind and I felt spoilt to be welcomed with some lovely gifts. Looking forward to see what the rest of the year with dmca holds!”
We look forward to watching you grow in your new role, Ryley!
Background to luxury car tax (LCT)
The luxury car tax (LCT for short) is a tax paid on cars above a certain value (GST-inclusive). The tax rate is calculated at 33%. Usually, it is paid by car dealers who sell or import luxury cars, with the LCT added to the purchase price. It is one of the reasons some European cars can seem more expensive here compared to other countries.
The luxury car tax was first introduced by the Government in 2000 alongside the Goods and Services Tax (GST).
Each year the thresholds at which the LCT is charged changes. The threshold is higher for vehicles considered fuel-efficient to encourage people to buy more environmentally-friendly cars. The tax also includes the value of any parts, accessories or attachments supplied.
LCT rates for 2020/21
Next financial year the luxury car tax threshold (that is, the price at which the LCT needs to be added to the cost of a car) increases slightly from $67,525 in 2019/20, to $68,740 for 2020/21. The tax applies to cars that are two years old or less, and is calculated for the year they were sold. (At the dealer, the LCT is added to the car’s retail value and on top of the GST.)
For more information on luxury car tax and thresholds for each year, go the ATO website here: https://www.ato.gov.au/Rates/Luxury-car-tax-rate-and-thresholds/
Read MoreWe had a two new team members start this month, which we are very excited about. Read about Adrienne & Blake’s first week at dmca advisory.
“My first week at dmca advisory has been terrific. The gifts on my desk that I received on my first day, were a beautiful touch. Everyone is so friendly, helpful and are a really great team. The training is amazing and thorough and held with great patience” – Adrienne.
“The welcome from dmca advisory has been great – welcome gifts, a morning tea, and a really friendly and welcoming team. The support from the team has been a great help in getting up to speed quickly.” – Blake.
Read MoreWe welcome Greg and Elsa as our newest members to the team. They have settled in and are now enjoying all the wonders of life at dmca.
Here is just a snippet of what they had to say after their first week.
“The first week here at dmca Advisory went through very well. Everyone is nice, I learned a lot of new things and I practised an individual tax return, some bookkeeping, bank reconciliations, BAS and I also did my first individual tax return,” – Elsa
“My first week at dmca has been fantastic as all the staff have been kind and welcoming in showing me around and introducing themselves. I loved the gifts on my desk that I received on my first day, as well as how prepared everything was for me,” – Greg
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