The Luxury Car Tax (LCT) threshold is set to increase slightly for the 2016-17 financial year to $64,132 and the fuel efficient car limit will be bumped up to $75,526. The Australian Tax Office has also confirmed the car limit of $57,581 above which the LCT applies will remain unchanged.

The Opposition Leader, Bill Shorten, has clarified the Labour Party's position in relation to the future of the FBT Statutory Formula Method for employer-provided motor vehicles providing confidence to car buyers.