Vehicle Lease or Car Lease
A vehicle lease is an agreement where the finance company purchases the motor vehicle for the customer who in turn pays the finance company a fixed monthly amount for the term of the vehicle lease. After the final payment has been paid, (residual amount which is regulated by the ATO) the customer takes ownership of the motor vehicle.
- A Vehicle Lease is also known as a car lease, automobile lease or finance lease. Car Lease monthly repayments are fixed for the term
- The Vehicle lease monthly repayment maybe 100% tax deductible
- Residuals are set by the ATO
- GST on the purchase price of the vehicle is claimed back by the finance company on your behalf. GST on the monthly repayments may be claimable on your BAS