Complete business activity and instalment activity statements in Australia

Luxury Car Tax

The LCT threshold for the 2018-19 financial year is $66,331. The LCT rate is 33%.

Scorching Motors sells a fuel-efficient luxury car to Joel for an 'all up' price of $106500, including GST (10%) and Luxury Car Tax (33%). This price does not include stamp duty, registration or compulsory third party insurance.

Calculate:

1. The LCT (using the 2018-19threshold amount)

2. The GST Scorching Motors must pay on this sale.

Required to calculate :

LCT =

GST=