From 1 July 2021 the following car threshold amounts apply.
There’s an upper limit on the cost you use to work out the depreciation for the business use of your car or station wagon (including four-wheel drives). You use the car limit that applies to the year you first use or lease the car.
The car limit for 2021–22 is $60,733.
Goods and services tax (GST):
Generally, if you purchase a car and the price is more than the car limit, the maximum amount of GST credit you can claim is one-eleventh of the car limit amount which in 2021–22 is $5,521.
You can’t claim a GST credit for any luxury car tax you pay when you purchase a luxury car, regardless of how much you use the car in carrying on your business.
Luxury car tax (LCT):
From 1 July 2021 the LCT threshold will increase to $ $69,152.
The LCT threshold for fuel efficient cars will increase to $79,659 for the 2021–22 financial year.
Remember, the LCT value of a car generally includes the value of any parts, accessories or attachments supplied or imported at the same time as the car.
Source: Ato.gov.au. 2021. Cars and tax. Link Available here.