Hello,
I'm a small business owner / sole director about to purchase a $50k vehicle for business purposes. I will be driving approx. 10,000 business kilometers per year across the 5 year finance contract.
I have two questions relating to tax implications:
1. Should I go Chattel Mortgage or Lease?
2. Should I purchase vehicle through my company or my own name (both business finance)
Thanks

Great question for your Accountant to answer, depending on your individual circumstances. But once you have the answer I can assist with a large number of lenders who can offer competitive finance, no matter which option the Accountant advises.

Hi Steven,

I would say that your Accountant is the correct person to ask these questions of. I'm not licensed to give financial advice and he/she is.

However, in general, a lease is a little cheaper than a Chattel Mortgage in terms of the set up costs but the rates are generally the same. Also, I would have thought that you are better to purchase the vehicle in your business name because you can write the costs off against your business income. But again, I would definitely be speaking to your Accountant first. there is no substitute for getting the correct advice first.

Once you have determined what is the best structure for your circumstances, if you wanted some quotes from different lenders, please search for me through the "Industry experts" tab and click on my business name under "Name of Business" and all my contact details are there. I would be happy to provide you with some quotes.

Thanks,

Michael Budge
Director
Bayside Finance Group