The opportunity to avoid higher penalties by submitting a voluntary disclosure with the Victorian Commissioner of State Revenue (Commissioner) is closing in.
Dealers who have obtained duty exemptions for “service demonstrator vehicles” or “service loan vehicles” are strongly advised to make their submissions by 30 September 2018.
As a reminder, the Commissioner may impose a penalty of up to 90 per cent of the unpaid motor vehicle duty where a dealer has failed to make a voluntary disclosure supported by the required information.
To qualify for the reduced penalty tax rate, the following must be included in the voluntary disclosure:
- in respect of each motor vehicle, the make, model, year of manufacture and registration number as at the date of registration or transfer of registration by/to the dealer;
- the purchase price paid for each motor vehicle (inclusive of GST) together with a copy of the tax invoice; and
- any other material relevant to the voluntary disclosure.
ACCC new car fact sheet
The Australian Competition and Consumer Commission (ACCC) has released a new car fact sheet to assist buyers of new cars to understand their ’consumer guarantee’ rights under the Australian Consumer Law. Customers will be able to refer back to the information in the fact sheet in the event a problem is experienced after the new car is purchased.
The fact sheet is the result of an 18-month market study of the new car retailing industry conducted by the ACCC.
As a matter of industry best practice, a copy of the new car fact sheet should be provided by suppliers of new cars to every consumer at the point of sale as part of the written materials provided to consumers at the time of purchase.