Luxury Car Tax

We have received a few questions on Luxury Car Tax.

Here is some basic info on this topic from the ATO:

 

What is LCT?

LCT is a tax of 33% imposed on the GST-inclusive value of luxury cars over the relevant LCT threshold. You generally pay LCT when you sell or import a luxury car. You pay LCT as well as any GST payable.

 

Special refunds may be available for some primary producers and tourism operators for luxury cars they buy

LCT threshold

The LCT thresholds for the 2013–14 financial year are:

o    $75,375 for fuel-efficient cars

o    $60,316 for other cars.

These thresholds are different to the car limit which is used to work out depreciation deductions for income tax.

 

If you buy a car with a GST-inclusive value above these LCT thresholds, you must pay LCT. In general, the value of a car includes the value of any parts, accessories or attachments you supplied, or imported at the same time as the car.

Hi Platinum,

I’ve been checking job vacancies on SEEK lately. And I feel confused about 3 roles of assistant accountant or AP officer which is monitoring cash flow, cash flow variance analysis and supplier reconciliation. So my questions are:

 

1.       What’s procedure of cash flow monitoring

2.       General description about cash flow variance analysis and is it similar to P&L analysis  involving comparing P&L with budget

3.       What’s supplier reconciliation? And what support documents are needed?

 

Thank you,

Tina

PE Ratios

Dear Platinum
I have to calculate PER for the attached financial statement. I have problem finding the market price
of the firm from the following statement from Woolworths. I do appreciate if you help me where can I find market value of the firm from financial statement.

Regards
Marziyeh