Information about calculating the dutiable value of new and used motor vehicles sold as 'drive-away deals' from 1 July 2020 is now available on the State Revenue Office (SRO) website.
The purpose of the Drive-away deals 2020-21 bulletin is to provide guidance when calculating the dutiable value of new and used motor vehicles, where the date of registration or transfer is on or after 1 July 2020. It includes advice on key factors when calculating the dutiable value of a motor vehicle that is subject to a ‘drive-away deal’. Information in reference to Luxury Car Tax (LCT) and duty payable on demonstrators and used vehicles is also included.
Licensed Motor Car Traders should note that the LCT threshold was increased to an indexed threshold figure of $68,740 for 2020/21, and the fuel-efficient car limit for the 2020/21 financial year is $77,565.
As previously advised, those members operating under a Dealer Management System should ensure that any necessary adjustments are made to reflect this change from 1 July 2020.
To find out more about motor vehicle duty, members are advised to contact the State Revenue Office.
State Revenue Office
W: Drive-away deals 2020-21
P: 13 21 61
E: contact@sro.vic.gov.au