How do I purchase my Santa Fe through the business?
We are looking at the Hyundai Santa Fe II, but before we purchase, I was wondering if you could help us out with a question regarding finance.
I own a contract harvest header business and at times, I'm running around picking up parts for the header. Would we be better off buying a car through the business? is there any incentives?
I'm not a financial adviser but if you buy through your business using the finance instrument called a chattel mortgage, you are generally allowed to claim the GST on the purchase in the first BAS after the purchase. That’s about $5k right there. Obviously, there is the ability to claim the depreciation on the asset as well, if you own it through the business. (Before purchase, you should confirm the best way to go here with your accountant - everyone’s situation is different, and the rules change all the time.)
As with all these things, business type incentives are only part of the picture – it’s still vitally important to get the car as cheaply as possible and also not to get ripped off on the finance. Contact me here >> for assistance with that. You also need to make sure the car is completely right for you.
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