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Assignment 3 ECON1012 Principles of Economics Semester 2 2021 Course Learning Outcomes: 1, 3 & 4 Topic/s of Primary Focus: Government Intervention – The Cost of Interfering with Market Forces (May also include content from previous topics.) Read the following excerpts from the Carsguide webpage ‘Luxury car tax Australia: What is the LCT?’ (2 March 2021) https://www.carsguide.com.au/car-advice/luxury-car-tax-australia-what-is-the-lct-82593 What is luxury car tax? Luxury Car Tax (LCT) is a tariff on new cars (those less than two years old) sold at a price that’s above a value threshold set by the Australian Tax Office (ATO), and it’s called a Luxury tax because theoretically it only applies to expensive cars at the luxurious end of the market. The tax is paid by dealers who import or sell luxury cars and also by individuals who import

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