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Victoria's new LCT on vehicles


garypgt3
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As read in the Age today, from July 1 the Andrews government, along with  a few other unpalatable new taxes, will introduce a new tax on all new and secondhand vehicles over $100,000 raising $260M over a 4 year period. There are a few exemptions (farmers, etc) and they have not quoted the percentage calculated. These new taxes are to offset the $5B decrease in Stamp Duty  revenue due to the drop in property prices. With the current LCT, this will effectively be a LCT on a LCT. No wonder they did not want to release their budget before the Federal elections. What next, increase in registration fees? Once the taxes are in it wili be very difficult to turn them off!

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It will be stamp duty, collected at registration stage - not LCT. State specific i guess.

Either way, a stupid idea IMO. Shows the lack of foresight of Government. Enjoying the ridiculous housing boom revenue stream for so long, without planning for it to ever wind back.

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Typical Labor policy, thankfully we dodged that bullet at Federal level.  I suppose it won't stop anyone from a discretionary purchase of a high end car.  thats a minority group and the majority of the community won't give a toss. 

Stamp duty, LCT, land tax, vacancy tax, income tax, company tax, fuel levies, capital gains tax, fringe benefits tax and now this........what next a tax on breathing 🤔

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Not just Labor. Liberal government here in SA have just released their budget. 'We are pleased to say you can now have a choice with third party insurance on your car rego saving you money...but we're increasing rego, license, hospital parking fees, bus and train ticket prices, Emergency services levy (which they said they were going to abolish) and a few other taxes to make up the shortfall in GST'. The treasurer said on tv with a smile on his face 'Be thankfull it's not more!' I so want to punch that prick in the gob.

Labor, Liberal...F..k em all!  F..k governments and F..k politicians!  They have no f...ing idea what it's like to struggle day in day out to bust your arse only to have them take take take. I'm sure theyll enjoy their $300k per year plus free travel, staff and other 'entitlements' once they retire. 

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3 hours ago, LeeM said:

Not just Labor. Liberal government here in SA have just released their budget. 'We are pleased to say you can now have a choice with third party insurance on your car rego saving you money...but we're increasing rego, license, hospital parking fees, bus and train ticket prices, Emergency services levy (which they said they were going to abolish) and a few other taxes to make up the shortfall in GST'. The treasurer said on tv with a smile on his face 'Be thankfull it's not more!' I so want to punch that prick in the gob.

Labor, Liberal...F..k em all!  F..k governments and F..k politicians!  They have no f...ing idea what it's like to struggle day in day out to bust your arse only to have them take take take. I'm sure theyll enjoy their $300k per year plus free travel, staff and other 'entitlements' once they retire. 

As usually Lee, wish you'd speak ya mind. I cant work out where you stand !!   

hahaha.... :-)

PS. Love ya work, mate!

 

 

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4 hours ago, LeeM said:

 I'm sure theyll enjoy their $300k per year plus free travel, staff and other 'entitlements' once they retire. 

Become a politician Lee ....

You'll get to enjoy $300k plus travel, staff and all that other stuff when you retire .. and we'll all get to say .. F..k you too!! ... :Beer:

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6 minutes ago, Dreamr said:

Become a politician Lee ....

You'll get to enjoy $300k plus travel, staff and all that other stuff when you retire .. and we'll all get to say .. F..k you too!! ... :Beer:

We need a “Drivers & enthusiasts” party Lee, you’re the man, I’ll vote for you.

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6 minutes ago, Dreamr said:

Become a politician Lee ....

You'll get to enjoy $300k plus travel, staff and all that other stuff when you retire .. and we'll all get to say .. F..k you too!! ... :Beer:

Not sure Lee could take the drop in wages & perks😆

Oh yes, F..k them all in Parliament.

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2 hours ago, Dreamr said:

Become a politician Lee ....

You'll get to enjoy $300k plus travel, staff and all that other stuff when you retire .. and we'll all get to say .. F..k you too!! ... :Beer:

 At $300k a year with perks to sit on my arse, you can say and call me whatever you like! 

2 hours ago, GC9911 said:

We need a “Drivers & enthusiasts” party Lee, you’re the man, I’ll vote for you.

  I'll need a sizeable contribution to start my party mate. Reckon a million or two will do for now, so I'll set up a GoFundMe page and keep ya posted 👍

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22 hours ago, thumperson said:

They tried to tax the water going in to rain water tanks in Qld a few years back. 

We get taxed on water run off from our property.  Build a dam you say ?  Pay a fee for the permit to build a dam then get taxed on the water that didn’t run off.

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2 hours ago, OZ930 said:

We get taxed on water run off from our property.  Build a dam you say ?  Pay a fee for the permit to build a dam then get taxed on the water that didn’t run off.

Sadly that doesn’t surprise me. You should charge them rent for the water running across your property. Does that mean they own it and if it damages your property on a flood then they are responsible? Sorry - way off topic. 

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2 hours ago, OZ930 said:

We get taxed on water run off from our property.  Build a dam you say ? 

 I'm a bit slow when it comes to sarcasm, yet you gotta be taking the piss with that? 

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7 minutes ago, LeeM said:

 I'm a bit slow when it comes to sarcasm, yet you gotta be taking the piss with that? 

Wish I was !😒 It’s true.  Even in drought.

10 minutes ago, thumperson said:

Sadly that doesn’t surprise me. You should charge them rent for the water running across your property. Does that mean they own it and if it damages your property on a flood then they are responsible? Sorry - way off topic. 

More likely they would charge me when my water floods someone downstream (sarcasm)

Yeah, bit off topic.

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3 minutes ago, OZ930 said:

Irony is that I have the water tank for our town area on my block...but am not connected to it.

 Shaking my head here 😲

 Sabotage sounds doable 😁

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7 minutes ago, LeeM said:

 Shaking my head here 😲

 Sabotage sounds doable 😁

Nah, syphon hose.

On topic: do you think they raised the rego because they were losing too much on historic/club registrations as well ?

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As well as losing rego on historic plates, the government also lose heaps of stamp duty on second hand purchases on classic cars that go on historic plates. Having said that, I will not be surprised if the government change this approach. If the new tax is applied as stamp duty at time of rego transfer, then the new tax will theoretically not apply  with cars greater than $100k if they are  being placed on historic plates as it is a permit, not a transfer of ownership (ie sale).

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