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LO2 is for the code for a pre 1972 imported satety compliance in QLD, theres heaps of these different mod codes for different modifications.
You only need LO2 if your car is imported, i.e. doesn't have an australian compliance plate for QLD rego, makes no difference if its club reg etc and is seperate to a saftey certificate. If your car already has a AUSTRALIAN compliance plate you don't need this and the lap belts can remain.
Several things need to be changed to meet the applicable ADR's for LO2 such as the following:
Front seatbelts to be 3 point retractable
Rear seatbelts (outside) to be 3 point lap/sash
Child retraint points to every rear seating position
Change headlights to dip to correct side
Change front & rear indicators to comply (check what the engineer wants)
Rear reflectors
The seatbelts will require new plates & welding, best bet is to work with an engineer who will certify LO2 and discuss what you have from the start to get it right, I know a guy in Ormeau who is good if this is close to you.
Left hand drive is no prob for 30+ year cars just a few basic items like side mirrors to both sides.
Hope this helps.
PS I know all this cause I just had my LO2 insp today & passed :+ WOOHOOO!
Dazza