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Looking-To-Purchase-A-Car-For-Your-Business_-Can-Y93
Looking-To-Purchase-A-Car-For-Your-Business_-Can-Y93
Looking-To-Purchase-A-Car-For-Your-Business_-Can-Y93
Looking-To-Purchase-A-Car-For-Your-Business_-Can-Y93
Looking-To-Purchase-A-Car-For-Your-Business_-Can-Y93
Looking-To-Purchase-A-Car-For-Your-Business_-Can-Y93
Looking-To-Purchase-A-Car-For-Your-Business_-Can-Y93
Looking-To-Purchase-A-Car-For-Your-Business_-Can-Y93
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Looking-To-Purchase-A-Car-For-Your-Business_-Can-Y93

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  • 1. Looking to purchase a car for your business? Can you really afford a fleet? How much will monthly repayments be? Learn how a Chattel Mortgage Calculatorcan help you determine what type of vehicle you can afford for your business.mortgage calculator UK
  • 2. What are the advantages of owning a car for your business? For a business,there are many benefits to owning a company car and building a fleet Forstarters, owning a car outright means you keep the car for the long termBusinesses will also be able to claim the depreciation of the vehicle on theirtax What is a Chattel Mortgage? A Chattel Mortgage is essentially astandard mortgage against the vehicle and is available for businesses lookingto purchase a car mainly for company use
  • 3. The business itself will own the car from the time of purchase but the loan isstill secured against the car, so in case of default, the financier can repossessthe vehicle This type of arrangement is different from a Commercial HirePurchase where the financier maintains ownership of the vehicle until allpayments have been made Chattel Mortgages also have a number ofbenefits: -Flexible contract terms of 2-5 years -Optional deposit chattelmortgages can be used to finance the entire cost of the vehicle -Optionalballoon payment at the end of the term -No GST to be paid on individualmonthly payments in fact, youll be able to claim the GST in one lump sum onyour next Business Activity Statement -Interest payments and depreciationare tax deductible How much will I have to pay? Monthly repayments will, ofcourse, depend on the cost of the vehicle, the length of your term and theinterest rate
  • 4. Rates will vary from broker to broker, but you can get an estimate of themonthly repayments youll be making using a Chattel Mortgage CalculatorWhat are the tax implications of a Chattel Mortgage and who does it benefit?Specifically, a chattel mortgage is beneficial to companies that do business ona cash basis - that is businesses that account for their income and expenseswhen they are paid instead of at the time of invoice Restaurants, retail shops,tradies - these cash based business will be able to declare all the GST on thepurchase price as an Input Tax Credit on their next Business ActivityStatement
  • 5. Youll be much more likely to lower your tax debt upon reconciliation of yourGST liabilities against your Input Tax Credits in that quarter, or even qualify fora refund With other types of car finance, such as with a Commercial HirePurchase, cash based businesses will have to claim their Input Tax Credits aseach individual repayment is made over the course of the loan For moreinformation on car finance options and to determine if a Chattel Mortgage isthe best way to finance a vehicle purchase for your business, visit
  • 6. GetApproved
  • 7. com au, Australias leading experts on vehicle financing mortgage calculatorUK
  • 8. mortgage calculator UK

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