Homework answers / question archive / 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%)

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%)

Accounting

Share With

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  2018-19 threshold amount) 

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

(all answers to 2 decimal places)

Tip: If you cannot find the threshold for the 2018-19 financial year in your textbook, visit www.ato.gov.au and search for 'LCT threshold'. 
 

Required to calculate :