1961 Alfa Romeo Giulietta Sprint Speciale on Bring-a-trailer

[twistybits]

Anyone care to guess what this stunning vehicle might fetch .......... https://bringatrailer.com/listing/1961-alfa-romeo-giulietta-sprint-speciale-3/

[Dna Dave]

My guess $150k

Stunning looking car, very unique, i have driven one and wont forget that experience.

David

[twistybits]

My guess $150k

Stunning looking car, very unique, i have driven one and wont forget that experience.

David

IMO, its one of the prettiest car ever produced.
$140-160K USD is my guess.
It looks fantastic and I'm certainly very interested.
I'm trying to understand if their are LCT exemptions on importing a classic car like this? 

[Dna Dave]

As i just experienced with importing my 3.0L south africian, dont forget gst, and all the other expenses, and i believe LCT will be charged as well.

Good luck with it, they are special.

David

[kaleuclint]

LCT not applicable to anything more than two years old.  GST still payable though along with import admin charges. 

[twistybits]

LCT not applicable to anything more than two years old.  GST still payable though along with import admin charges.

Thank you - I thought this was the case.


Sent from my iPhone using Tapatalk

[Dna Dave]

U guys may be correct about the LCT, but my mate just imported a R100 from the states, and his custom agent told him that if its over 58k, (i think thats the amount) it will attract LCT, hopefully his customs agent got it wrong.

Im not an accountant, so i dont know.

David

[bonno]

Hi Alfisti
Find attached link to Government Departmental site involving the import of vehicle process.
https://infrastructure.gov.au/vehicles/imports/faq/importing_process.aspx

[twistybits]

U guys may be correct about the LCT, but my mate just imported a R100 from the states, and his custom agent told him that if its over 58k, (i think thats the amount) it will attract LCT, hopefully his customs agent got it wrong.

Im not an accountant, so i dont know.

David

Thanks again. Their certainly appears to be a mine field of paperwork to get through to get a vehicle to our shores!
I believe the intent of a LCT is to deter potential buyers of relatively new lux cars and protect the car industry (what's left of it). The ATO website says the following:
LCT doesn't apply:
- where the car was manufactured in Australia more than two years before the sale
- where the car was imported more than two years before the sale


Sent from my iPhone using Tapatalk

[aggie57]

Didn't sell.  Highest bid $97k. 

[kaleuclint]

U guys may be correct about the LCT, but my mate just imported a R100 from the states, and his custom agent told him that if its over 58k, (i think thats the amount) it will attract LCT, hopefully his customs agent got it wrong.

Im not an accountant, so i dont know.

David

Thanks again. Their certainly appears to be a mine field of paperwork to get through to get a vehicle to our shores!
I believe the intent of a LCT is to deter potential buyers of relatively new lux cars and protect the car industry (what's left of it). The ATO website says the following:
LCT doesn't apply:
- where the car was manufactured in Australia more than two years before the sale
- where the car was imported more than two years before the sale


Sent from my iPhone using Tapatalk

Exactly.  When there is no need to penalise anyone for buying something costing more than the most expensive Holden, LCT should disappear.  It won't of course given the revenue it generates, and also acts as mechanism promoting economic equity (possibly not a bad thing). 

Just to clarify though, in the instance of the SS there would be an LCT liability as the car has not been in Australia for two years.  You also need to add the GST to the price paid BEFORE discarding the threshold figure and applying the LCT rate to the residual.  Would a 1300cc attract the lesser rate of LCT as a "fuel efficient car"? 

[twistybits]

I have been liaising with the seller (very nice guy). His reserve of $125K is possibly fair but for various reasons, I'm going to let this one slide.

Just for clarity, I have been told that LCT is payable at 33% for every dollar over the $65,094 threshold.
GST is payable on the full value amount.