With a Finance Lease, the risk of ownership is transferred to your business without transferring legal ownership of the equipment being purchased. There is a residual value given to the lease that falls within the ATO’s specific range and you can decide at the end of lease to pay it out, extend your term or enter a new agreement.
With a Finance Lease, your finance provider purchases the equipment or vehicle being leased and allows you to use it after you pay a deposit and agree to a monthly payment schedule. With a Finance Lease, you are not committed to purchasing the equipment at the end of the lease. You can simply just return the asset, walk away or purchase the asset from the lender for the pre-set residual value..
*The above should be used as a guide, please contact your accountant or Financial adviser to see what is applicable to your business.
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