Commonwealth Consolidated Acts Commonwealth Consolidated Acts
A New Tax System (Luxury Car Tax) Act 1999
1 Subsection 5 - 15(1) (formula)
Repeal the formula, substitute:
where:
"rate" is the rate applicable under:
(a) the A New Tax System (Luxury Car Tax Imposition--General) Act 1999 ; or
(b) the A New Tax System (Luxury Car Tax Imposition--Customs) Act 1999 ; or
(c) the A New Tax System (Luxury Car Tax Imposition--Excise) Act 1999 .
2 Subsection 7 - 15(1) (formula)
Repeal the formula, substitute:
3 At the end of subsection 7 - 15(1)
Add:
"rate" is the rate applicable under:
(a) the A New Tax System (Luxury Car Tax Imposition--General) Act 1999 ; or
(b) the A New Tax System (Luxury Car Tax Imposition--Customs) Act 1999 ; or
(c) the A New Tax System (Luxury Car Tax Imposition--Excise) Act 1999 .
4 Before subsection 25 - 1(3)
Insert:
Luxury car tax threshold--general
5 Subsection 25 - 1(3)
Omit "The", substitute "Subject to subsection (4), the".
6 At the end of section 25 - 1
Add:
Luxury car tax threshold--fuel efficient cars
(4) If the * car has a fuel consumption not exceeding 7 litres per 100 kilometres as a combined rating under vehicle standards in force under section 7 of the Motor Vehicle Standards Act 1989 , the luxury car tax threshold is the * fuel - efficient car limit for the year in which the supply of the car occurred or the car was * entered for home consumption.
(5) The fuel - efficient car limit for the 2008 - 09 * financial year is $75,000. The limit is indexed annually using Subdivision 960 - M of the * ITAA 1997.
(6) In indexing the * fuel - efficient car limit, Subdivision 960 - M of the * ITAA 1997 applies as if:
(a) the table in section 960 - 265 of that Act included an item referring to the fuel - efficient car limit and to subsection (5) of this section; and
(b) the reference in subsection 960 - 270(1) of that Act to provisions of that Act included a reference to subsection (5) of this section; and
(c) section 960 - 270 of that Act applied, and section 960 - 285 of that Act did not apply, in relation to the fuel - efficient car limit; and
(d) the reference in subsection 960 - 280(2) of that Act to the car limit included a reference to the fuel - efficient car limit.
7 Section 27 - 1
Insert:
"financial year" has the meaning given by section 995 - 1 of the * ITAA 1997.
8 Section 27 - 1
Insert:
"fuel-efficient car limit" has the meaning given by subsection 25 - 1(5).
9 Section 27 - 1 (definition of luxury car tax threshold )
After "subsection 25 - 1(3)", insert "or (4)".
10 Application
(1) The amendments made by items 1 to 3 of this Schedule apply to taxable supplies of luxury cars and taxable importations of luxury cars on or after 1 July 2008.
(2) The amendments made by items 4 to 9 of this Schedule apply to taxable supplies of luxury cars and taxable importations of luxury cars on or after the day on which this Act receives the Royal Assent (regardless of when contracts for the supplies or importations were entered into).
11 Subsection 25 - 1(3)
After "Subject to subsection ", add " (3A) and".
12 After subsection 25 - 1(3)
Insert:
(3A) On and from 1 July 2012 the luxury car tax threshold is the luxury car tax threshold as at 30 June 2012 indexed according to a factor to be determined by the Parliament and to apply from 1 July 2012 or, if such a factor is not determined by the Parliament, indexed annually in accordance with the CPI indexation method provided for by Subdivision 960 - M of the *ITAA 1997, calculated using the index number referred to in subsection 960 - 280(1) of that Act.
13 Application
The amendments made by this Schedule do not apply where:
(a) the contract to make the taxable supply or taxable importation of the luxury car was entered into before 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 2008; or
(b) the contract to make the taxable supply or taxable importation of the luxury car was entered into before that time and, after that time, a contract to finance the making of the supply is entered into.
