3.5. You are working in a retail motor trader's business and have been asked to prepare the working papers and calculate GST and LCT. Use Luxury threshold of $ $64,132 for the 2016-17 year, calculate the sales price and GST payable on the following transaction Brand new Lexus valued at $110,000 GST inclusive (Guide: Calculate the GST payable on Vehicle) 1 $110,000 33% 2 3 4 Car 1 Motor vehicle sales price (GST Inclusive) LCT rate Amount exceed threshold $110K less threshold $64,132 Amount excluding GST (on threshold excess) Apply LCT to exceed amount New sale price is (1 plus 4) GST payable on vehicle