GST and Other Rates 2007-08
The following rates of tax apply for the 2007-08 financial year:
Goods and Services Tax
The GST is a broad-based consumption tax. The rate of 10% was introduced from 1 July 2000 and is yet to change.
| Description | Rate% |
| Goods & Services Tax (GST) | 10 |
Luxury Car Tax
The Government announced in the May 2008 Federal Budget that from 1 July 2008 the luxury car tax rate will increase from 25% to 33%.
At the time of writing this legislation has not yet been passed by Parliament.
| Description | Rate% |
| Luxury Car Tax (LCT) | 25 |
Fringe Benefits Tax
FBT is imposed on the grossed-up taxable value of the benefits provided, subject to a number of exemptions and reductions. Unlike other taxes, the FBT year runs from 1 April to 31 March.
| Description | Rate% |
| Fringe Benefits Tax (FBT) | 46.5 |
Wine Equalisation Tax
| Description | Rate% |
| Wine Equalisation Tax (WET) | 29 |
This information is for guidance only and is not intended as specific advice to any reader. Professional advice should be obtained before acting on any information contained herein. The publisher accepts no responsibility for loss occasioned to any person or organisation as a result of action or the refrain of action as a consequence of the contents of this publication.