the Ferrari market watch thread | Page 1030 | FerrariChat

the Ferrari market watch thread

Discussion in 'Australia' started by ashsimmonds, Oct 21, 2006.

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  1. Horse

    Horse Three Time F1 World Champ
    Owner Silver Subscribed

    Dec 1, 2005
    35,418
    Brisvegas
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    Jon


    Finally you are getting it!

    NTTIAWWT
     
  2. wrxmike

    wrxmike Moderator
    Moderator Owner

    Mar 20, 2004
    7,674
    Full Name:
    Mike
    Yes it does.
    There a concessions for migrants and expats bringing back their personal effects to Australia that they have owned for appropriate length of time. A car can qualify under this scheme provided you have owned and used it for at least 12 months o/s

    The whole webpage is headed "Luxury Car Tax exemption" and specifically mentions item 15 as being a category that can apply to cars. Look at it another way, if cars could not qualify for an exemption under item 15, then Para 7-10 would not even mention item 15, it would be silent.

    "Paragraph 7-10(3)(c) in the LCT Act provides an exemption for cars that qualify for a Customs duty concession under one of the following items, being items 10, 11, 15, 18, 21 or 24 in Schedule 4 to the Customs Tariff Act 1995."

    M
     
  3. marczero

    marczero Karting

    Sep 18, 2014
    80
    Perth WA
    Full Name:
    Marco
    maybe u need reading lessons man , or glasses , heres the items u quote:

    ITEM 10 – Goods of foreign governments (like embassy cars),
    ITEM 11 – Goods for foreign forces(like tanks)
    ITEM 15 – Goods that are Personal effects(goods imported by passengers or members of the crew of ships,or aircraft ,like outpost naval crew bring cars for use on bases);
    ITEM 18 – Warranty and safety recall goods (Items that were previously imported into Australia, that have been returned after repair overseas)
    ITEM 21 – Goods imported for repair or alteration to be exported(guys who send their cars OS to be modified and brought back
    ITEM 24 – Last will or intestacy goods not for sale or trade(samples , show cars , cars that appear in exhibits etc)

    how many times are u going to misinterpret that . straight up , no one who is a regular joe returning to australia can bring a car to australia tax free . duty applies , according to the age of the car or bike .over 30 years 10% , under 5%.
    gst , and lgt , if over a certain value .


    a duty and taxes free personal import ?! sadly no .
     
  4. marczero

    marczero Karting

    Sep 18, 2014
    80
    Perth WA
    Full Name:
    Marco
    Your pretty much right . Its all there , read the exclusions IE ...its a tank and your the army ...etc
     
  5. pkl03

    pkl03 Formula Junior
    Silver Subscribed

    Nov 29, 2004
    539
    Sydney, Australia
    Full Name:
    Peter
    If it was that easy - the very rich of Australia that could afford the likes of the Enzo's and the LaFerrari would simply relocate to Europe or USA for a year and then bring these cars back avoiding millions of dollars of taxes and duties....Even simpler, they don't have to go, they can just send their child. Spend a $100K for them to live in Europe for a year and use this loophole to avoid $$$$$$$$$$$$$ in taxes and duty.

    Toooo big a loophole, ain't going to happen.
     
  6. au-yt

    au-yt F1 Veteran

    Aug 13, 2006
    5,838
    Burradoo... Actually
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    Graeme
    Aint that simple.
    It requires you as the owner to live OS and must stay OS in that country for the 12 Months not a day less.
    Don't for get Customs play their own game with this sort of thing as discussed else where
     
  7. pkl03

    pkl03 Formula Junior
    Silver Subscribed

    Nov 29, 2004
    539
    Sydney, Australia
    Full Name:
    Peter
    If your going to save millions of dollars in duty, GST and taxes simply by living and owning a car in a particular country for the full 365 days.....EASY.

    Senario - Mr very rich multi billionaire sends someone to the UK to purchase $50 million GTO and pays him $1 million on the condition that he purchases car and has to stay in the UK for 365 days, and can't leave the country. Car gets shipped back to OZ after this period and is exempt from millions of dollars in GST/ duty.

    That's why you don't get and exemption from these charges on personal car imports. The personal import system only gives you a free ride on compliance to get the car registered for use in Australia.

    wrxmike is under the impression that you don't pay import duty/GST etc
     
  8. greg246

    greg246 Two Time F1 World Champ
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    Jun 2, 2004
    26,626
  9. Aircon

    Aircon Ten Time F1 World Champ
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    Jun 23, 2003
    100,524
    Melbourne, Australia
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    Peter
    1050kg? I don't think so !

    Find out the price!
     
  10. au-yt

    au-yt F1 Veteran

    Aug 13, 2006
    5,838
    Burradoo... Actually
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    Graeme
    You may need to do a correction in Wicki
    http://www.ferrarichat.com/forum/newreply.php?do=newreply&noquote=1&p=145287546
    "A notable aspect of the early 308 GTB was that, although still built by Carrozzeria Scaglietti, its bodywork was entirely made of glass-reinforced plastic (or GRP), allowing a very light weight of 1,050 kg (2,315 lb). This lasted until June 1977"
     
  11. Aircon

    Aircon Ten Time F1 World Champ
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    Jun 23, 2003
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    Peter
    It's total bs

    1350kg is what they weigh....from memory
     
  12. Steve355F1

    Steve355F1 F1 World Champ
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    Aug 26, 2011
    17,162
    Adelaide, South Aust
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    Steve
    Really? That's bloody heavy for a small '70s car made of plastic.
     
  13. Horse

    Horse Three Time F1 World Champ
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    Dec 1, 2005
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    The car is not made of plastic!

    Idiot.

    Sincerely
     
  14. kerrari

    kerrari Two Time F1 World Champ

    Oct 22, 2004
    24,033
    Coolum Beach AUSTRALIA
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    Karen H.
    cars most certainly are personal goods for immigrants and returning expats - NOT for tourists who've been away for a year. I think you have to have been designated 'non resident' for the period and it's not totally tax free - all sorts of variations based on age and value. Some people are still mixing up 'personal' import with 'personal goods' - not the same in customs-speak.
     
  15. moretti

    moretti Five Time F1 World Champ
    Lifetime Rossa Owner

    Nov 1, 2003
    59,757
    Australia
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    John
    The people who drive them are !!!
     
  16. Aircon

    Aircon Ten Time F1 World Champ
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    Jun 23, 2003
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    Peter
    Hey!!
     
  17. kena

    kena Formula 3

    May 20, 2007
    1,605
    Salt Ash
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    Ken Abrahams
    Really? My GT4 with no spare or tools etc. weighed in at 1340kgs at a Dept of Transport certified weigh bridge.
     
  18. Aircon

    Aircon Ten Time F1 World Champ
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    Jun 23, 2003
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    I double checked with the boys in the know last night.....1270kg with no fuel and non standard exhaust.

    Regardless, 1050kg is absolutely impossible.
     
  19. Horse

    Horse Three Time F1 World Champ
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    Dec 1, 2005
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    Most of the wives of owners of new cars are. ;)
     
  20. kena

    kena Formula 3

    May 20, 2007
    1,605
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    Ken Abrahams

    That sounds reasonable
     
  21. simon klein

    simon klein Two Time F1 World Champ
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    Feb 25, 2009
    29,801
    North Qld
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    simon klein
  22. Gizzi

    Gizzi F1 Veteran
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    Dec 3, 2011
    5,217
    Brisbane, Australia
    Full Name:
    Gezim


    They are being 'advertised' for $110k, not selling.
     
  23. au-yt

    au-yt F1 Veteran

    Aug 13, 2006
    5,838
    Burradoo... Actually
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    Graeme
    Wheels, badges, shields if it was good it would be gone by now
     
  24. simon klein

    simon klein Two Time F1 World Champ
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    Feb 25, 2009
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    simon klein
    It's only been there for a day.
     

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