Portelli keeps $3.84m supercar in Dubai over $2 million Australian tax
Billionaire Adrian Portelli keeps his $3.84m Hennessey Venom F5 Revolution in Dubai to avoid a $2m Australian tax bill.
Billionaire Adrian Portelli added a Hennessey Venom F5 Revolution to his collection, but it will stay in Dubai. The supercar costs $3.84 million and can reach speeds over 400 kilometres per hour.
Portelli refused to import it to Australia and posted on Instagram that he won't pay 49 per cent in taxes, saying a $2 million bill is too much. Here's his tax breakdown.
Import duty is 5 per cent, which equals $192,000. GST at 10 per cent is $384,000.
The luxury car tax of 33 per cent is $1.24 million. These federal taxes total $1.816 million.
Registering the car in Victoria would cost another $350,000 in stamp duty. Wealthy car fans often keep hypercars overseas to avoid these high duties.
They sometimes bring them to Australia on temporary permits called carnets.
- $3.84 million
- Vehicle price
- $2 million
- Total tax bill
- 33 percent
- Luxury car tax rate
- more than 400 kilometres per hour
- Top speed
Why it mattersThis case shows how steep Australia's luxury car tax really is. Even billionaires avoid importing hypercars because of it.
AustraliaAustralia's combined import duty, GST and luxury car tax is steep enough to push billionaires to keep vehicles overseas instead of in Australia.
✓ Claims checked against the source. checked 25 min ago
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