With a Chattel Mortgage, GST is charged in the purchase price of the vehicle but not on the monthly repayment or if included, the balloon payment.
If the customer is registered for GST, under a Chattel Mortgage agreement the customer can claim some/ all of the GST contained in the vehicle price as soon as they lodge their next business activity statement, rather than wait to collect this GST over the term of the Chattel Mortgage loan.
Under a Chattel Mortgage the customer can also claim the interest on the Chattel Mortgage contract and depreciation up to the depreciation limit of $57123.00 as a tax deduction.
It's easy, just call 1300 Chattel Mortgage that's 1300 242 883.
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.