You have the questions about a Chattel Mortgage, we have all the Chattel Mortgage answers.
A Chattel Mortgage facility can be beneficial to businesses who choose to use the cash method for accounting. One of the main benefits of a Chattel Mortgage is the ability to claim back the full amount of GST from the purchase price of the vehicle on their next Business Activity Statement or BAS. While the equipment does appear on your Balance Sheet, any interest paid plus depreciation of the equipment is tax deductible with business use. Because payments are calculated on the GST inclusive price, Chattel Mortgage payments attract no GST.
If you are looking at a Chattel Mortgage as a way to finance your next car purchase, why not consider these other car financing options? If you need further information and expert advice, call us today on 1300 Chattel Mortgage that's 1300 242 883.