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Monday, 26 November 2018
Page: 11542

Luxury Car Tax

(Question No. 1011)

Ms Sharkie asked the Assistant Treasurer, in writing, on 14 August 2018—

(1) Since the implementation of the luxury car tax (LCT) in 2000, (a) what sum of revenue has the LCT raised, and (b) what sum of LCT has been raised through the importation of historic cars (over 30 years old).(2) What is the year by year breakdown on the number of historic cars imported in Australia from 1990 to 2017.(3) Has the Government considered granting historic cars imported to Australia with an exemption from the LCT; if so, when would this occur; and if not, why not

Mr Robert: The answer to the honourable member's question is as follows:

1. (a) Around $7.7 billion has been raised from luxury car tax (LCT) from 2000-01 to

2017-18 inclusive.

(b) Treasury does not have data concerning LCT collections on historic cars.

2. Treasury does not have data concerning LCT collections on historic cars.

3. In the 2018-19 Budget, the Government announced it will remove LCT from cars re-imported into Australia following refurbishment overseas, from 1 January 2019. The effect of this measure will be that cars sent overseas for refurbishment, including historic cars, will not face LCT upon re-importation. Legislation was introduced into Parliament on 20 September 2018 to give effect to this measure.