State Labor’s so called wealth tax on luxury cars to hurt car industry workers

March 2, 2019  —  By

It’s well documented that the 33 % luxury car tax fails to target mainly luxury cars with the main contributor the work horse Toyota LandCruiser Prado, a favourite with farmers and recreational off-roaders alike – a tax on a tax as it’s applied on top of the 10% GST enhanced price.

So the announcement earlier this week by NSW Opposition Leader Michael Daley that if elected he would introduce a new so-called wealth tax on boats and cars came as a surprise.

The car industry is already suffering due to a number of factors – changes to the way they do finance and a tightening credit market, the drought in country and regional areas and a general lack of consumer confidence ahead of two elections. 

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