Luxury Car Tax Refundable Worksheet (Label 1F)

To calculate the LCT refundable

1. Decrease the amount of luxury car tax payable if any of the following changes have occurred after the taxable supply or importation:

   • There is a decrease in the price of the car since the previous activity statement was lodged.

   • A bad debt has been written off or a debt has been due for 12 months or more.

   • The entity did not quote its ABN at the time of the purchase or importation and the car is now used for a quotable purpose.

   • The sale is cancelled.

Decreasing adjustments for any GST included will be required.

Add all refundable amounts of luxury car tax payable and enter the total at Label 1F.

Rules for GST groups and GST joint ventures

GST groups: If the entity is a representative member of a GST group, at Label 1F include any adjustments to luxury car tax paid for the group in previous tax periods if a change means that too much luxury car tax was paid on a previous activity statement.

GST joint venturers: If the entity is the joint venture operator of a GST joint venture, include at Label 1F any adjustments to luxury car tax paid in previous tax periods if a change means that too much luxury car tax was paid on a previous activity statement.