Thank you for supporting a great cause
Cindy recently participated in the MS Walk + Fun Run, which raises funds to assist over 23,000 Australians affected by Multiple Sclerosis. As a member of ‘Team Becks’, thanks to the support of our wonderful clients, friends and family she raised almost $1,000. The team tally sits at over $7,000, which is an amazing result. ‘Team Becks’ proudly braved the winds and rain on Sunday 2 June in support of dear friends who are living every day with the effects of this disease. It’s not too late to support Cindy and contribute to this important cause. Click...
read moreEnd of Financial Year – a great time for finance!
While arranging finance is a beneficial business option at any time of the year, why not take advantage of the EOFY deals? Many businesses are looking to maximise sales and reduce their stock, meaning fantastic offers are available leading up to June 30. Our team can help you get the finance you need to bag that bargain – fast! Another Successful Venture It has been a pleasure assisting Riccardo Roberti again with a new venture: Stellini’s Pasta Bar, located at the University of NSW campus. Benson Leasing organised the funding for the entire kitchen fit-out and Point-of-Sale equipment, and we were thrilled to hear that the queues were twenty deep on opening day, all day! Riccardo has already established the award-winning Blackwater Restaurant, with spectacular views over the Georges River. The restaurant serves rustic southern Italian dishes which showcase home-grown Australian produce. We wish Riccardo every success. Vendor Feedback Benson Leasing has built strong business relationships with many vendors throughout Australia. One of our valued vendors, Mobile Masters, who are located in Western Australia and specialise in communications equipment, recently sent some positive feedback for which we are so appreciative. “Thank you Cindy, it is great working with you as you are always so helpful”. Yvonne Sharp, Mobile...
read moreWhat is a fully Maintained Lease?
A Fully Maintained Lease takes care of all your routine car expenses. Under a Fully Maintained Lease, a nominal amount is deducted from each salary or wage payment to cover your car lease, your car’s running costs, and any FBT payable. If the amount allowed for your car’s running costs is more, or less, than the actual cost, the additional funds may be refunded to you, or you may need to make a top-up payment. Fully Maintained Novated Lease arrangements commonly include, car servicing and maintenance, accident management services, a fuel card for fuel purchases, roadside assistance, and registration renewal. A Fully Maintained Novated Lease is a convenient way of organising all of your car-related expenses at once, and knowing in advance that running costs are taken care of – never worry about servicing or registration again. In contrast, Non-Maintained Novated Leases , or “finance only” Novated Leases allow you to take advantage of potential tax savings through salary packaging and still retain control of your fuel purchases, servicing, maintenance and other running costs. Only the set lease costs of your car are deducted from your salary or wage payments. All other costs are paid by you as they fall due. Is Fully Maintained Novated Leasing right for me? Whether you’re a business or an employee, a Fully Maintained Lease represents an attractive choice for tax benefits, flexibility and management of the vehicle throughout its lifetime. This not only takes away the headache and burden of running a fleet, but it collates all vehicle expenses as one expense item, leaving you time to get on with what you do best, running your...
read moreResidual Value
Every car lease has to contain a residual, the residual is the lump sum owed to the financier at the end of a loan’s term and is expressed either as a dollar value or a percentage of the amount borrowed. The residual value is tightly controlled by the ATO and must reflect what the vehicle value at the end of the finance term. Unlike and Hire purchase or a chattel mortgage it cannot just chosen to suit your payments or cash flow or simply be nil/nothing at the end. To sum up a simple car lease is not as common as its name and is the least type of business car finance used with sole traders, partnerships or small business owners, unless you’re big business, publicly listed company or government entity you would most likely favour a fully maintain lease which we will go into detail in the next...
read moreCar Lease
Further on our series on car finance we come to one of the most well- known type of funding called “The Car Lease”. Believe it or not most people say and think they have a “Car Lease” when in fact they have a Hire Purchase, Chattel Mortgage, which is very popular. Car leasing is when the car is for business use and carries certain tax benefits, making it an attractive option for some. If the car is for private use there is no point in leasing. The costs can be about the same as for a car loan but the exit penalties are much higher and interest is calculated in an old fashioned way. Which means any overpayments made will not reduce the total interest cost. GST is charged on the monthly lease payment and on the residual value at the end of the lease. Where the customer is registered for GST, they can claim some or all of the GST contained in the lease payment and the residual value as an input credit on their next Business Activity Statement....
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