A New Tax System (Luxury Car Tax) Act 1999
5‑15 The amount of luxury car tax payabl5‑15 The amount of luxury car tax payable
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5‑15 The amount of luxury car tax payable
(1) The amount of luxury car tax payable on a *taxable supply of a luxury car is as follows:
Start formula Rate times start fraction ten over eleven end fraction times open bracket *Luxury car tax value minus *Luxury car tax threshold close bracket end formula
where:
rate is the rate applicable under:
(a) the A New Tax System (Luxury Car Tax Imposition—General) Act 1999; or
(b) the A New Tax System (Luxury Car Tax Imposition—Customs) Act 1999; or
(c) the A New Tax System (Luxury Car Tax Imposition—Excise) Act 1999.
(2) However, if luxury car tax has already become payable in respect of the car, the amount of luxury car tax payable on a *taxable supply of a luxury car is: (a) the amount of luxury car tax on the supply (worked out in accordance with subsection (1)); minus (b) the sum of all luxury car tax that was payable in respect of any previous *importation or supply of the car. The amount of luxury car tax payable on a taxable supply of a luxury car is zero if the amount in paragraph (a) is less than the amount in paragraph (b). (3) In determining the luxury car tax that was payable in respect of any previous *importation or supply of a *car for the purposes of paragraph (2)(b), take into account *luxury car tax adjustments (if any) other than luxury car tax adjustments made under Subdivision 15‑C (bad debts adjustments).