$50,000 approval with no Financials
There is no reason why your business should be going without new updated equipment. Whether it is time to update your equipment, or buy additional equipment to cater for more staff, we have the financing solutions for you. Can this be true? Yes, if you’ve been in business for 2 years and are asset backed (i.e Home owner or land owner) and have a good credit rating, Benson Leasing can now offer finance for up to $50,000 worth of equipment without tax returns or financials. Think of the endless uses for injection of up to $50,000 into your business! Did you know that we finance shade structures for restaurants, café’s, pubs and clubs. Recently Benson Leasing have helped secure finance for the Bangor Tavern and Three Fish Restaurant, Cronulla who have both erected Malibu Shades in their outdoor eating areas; and all with simple “no-financials” finance. Customer Spotlight Bistro 32, Caringbah Bistro32 is the latest venture for Chris & Maryanne Carroll bringing them back full circle to French style cuisine of their multi award winning restaurant “Christies” at Kogarah Bay. The classic Parisian style features warm burnt orange tones and soft lighting typical of the bistros of Paris. The Menu features French classics as twice baked cheese souffle, beef ribeye with bearnaise & frits, shellfish ragout and creme brulee. They are fully licenced with a wine list featuring French and Australian wines. Head chef Tod Laurence is well known from his time at “Le Trois Freres” at...
read moreZero Percent Interest Finance on Motor Vehicles
Have you ever heard the saying, If it sounds too good to be true, then it probably is. What’s the catch? When a motor vehicle manufacturer offers a great interest rate it usually comes at a price. And that price is their terms-not yours. Often that means the deal isn’t so good for you after all. Let me explain. Suppose you see a great 1.9% percent interest rate on the car of your dreams. Should you rush in and buy? Mmm, Maybe or Maybe Not, but there should be a few questions you should ask first before you sign on the dotted line. Q1- Is the offer on the exact car I want? You may find the dealer has a special offer only on a special spec car that they want to move quickly. Maybe it’s a manual transmission (but you want the auto- or vice versa). Maybe it’s a run out model that could cost you thousands in depreciation when the new model is announced a short time later. Is it the right model, is it the correct colour ? Q2- Do I get a discount? More than likely the answer is ‘NO’. The interest rate is usually only available if you pay the full manufacturer’s recommended price. “That’s no discount not even free window tinting”. So you have to weigh the interest rate saving against the discount you don’t get. Q3- Can I change the terms of the deal? These ‘specials’ usually have restrictive and narrow terms. For example. The Deal may be limited to a 3 year term with no deposit allowed. So, If you want a four year term with a 10% deposit, then – “NO DEAL” Just remember nothing is for free and someone has to pay and it’s usually you ! Be careful, do the figures, then check again to see if it’s still worthwhile. Usually if you can negotiate a discount for as little as $2,000 to $3,000 your payments can be a lot cheaper. If “Zero % interest rates’ are confusing there’s a simple solution… CONTACT US for further information *Benson Leasing advise that the example provided above is an example only and may not apply to your specific business purchase and we recommend you consult your tax agent for advise on your individual circumstance. Please call us on 1300 795 058 or go to our website www.bensonleasing.com.au for all your car financing...
read moreThere is more than meets the eye when it comes to finance
The thinking that ‘Finance is designed for businesses who can’t afford to purchase equipment outright’ is very far from the truth! It is for smart business operators who what to maximizing their cashflow and reduce company tax. Let’s take a look how a recent customer used the ‘Rental Finance’ facility to ‘SAVE MONEY’ on buying new Refrigeration Units Equipment Finance Amount: $37,500 inc 60 x $758.09 Monthly Finance Instalments $45,485.40 Less gst (off-sets gst paid on your BAS) Less 30% Tax rebate (off-sets Company Tax payable) $16,540.19 NETT COST OF RENTAL $28,945.21 Or NETT COST OF RENTAL + OWNERSHIP $31,945.21 SAVING $5,054.79 * How is this possible? The utilisation of a Rental Agreement facility is very tax effective for business as the business doesn’t effectively own the goods till purchase at terms end. Therefore each instalment is viewed and simply accounted for as a expense item (just like your phone bill) which attracts up to 100% a tax deduction on each payment made in the term of the loan. A tax deduction through depreciating if purchased outright takes many more years to claim back. Other Business Building Benefits The Balance Sheet isn’t effected with the liability of a large loan as the business doesn’t ‘owe’ the money used to buy the equipment. A business retains Capital thus having the money working for them, not being lost acquiring equipment. This can be used on stock, Marketing, Investing… Benson Leasing has Finance available for amounts as little as $2,000.00. For a limited time Benson Leasing are offering Existing Customers Finance Pre-Approval up to $55,000.00 * Benson Leasing advise that the example provided above is an example only and may not apply to your specific business purchase and we recommend you consult your tax agent for advise on your individual circumstance. Please call us on 1300 795 058 or go to our website www.bensonleasing.com.au for all your car financing...
read moreIs there really a benefit to buying Equipment before 30th June?
The benefits to buying into the sales hype of “End-of-Financial Year” Sales depends on a number of factors, and your individual financial needs. If you are seeking a tax benefit from your Purchases, the factors on which it depends may include the following: 1. Is the item considered to be a capital asset such as a car or machinery? If so, then there is probably very little tax benefit in buying it before the end of the financial Year as opposed to afterwards. Dependant on the recent changes to the Taxation Laws, you generally can’t claim a tax deduction for the full cost of a car or plant and machinery. 2. Are you classed as a “small business” entity? A “small business” taxpayer is one with turnover of less than $2 million and special rules apply regarding taxation, which can be more favourable. This threshold applies to all businesses you own, so if you have more than one then you will need to add their turnover together. 3. Are you getting a “real” discount by buying it before June 30? If it will be cheaper for you to buy the item before June 30 rather than after it, then it is a real saving. If you have received advice about tax benefits in making a capital Purchase for your Business, make sure you have considered the likely cash flow impact down the track. And remember – use long-term funds to acquire long-term assets, not working capital. Benson Leasing can help you work out an easy-payment schedule to suit your individual needs, considering your circumstances, the equipment you wish to purchase, and we can obtain the very best rate for you. TESTIMONIAL Hi Jody A quick note to say “Thank You” for your efficiency in the process of finance application for Russell & Lorraine. It was fast and efficient. It helps when we have a buyer who is willing to cooperate as did Lorraine. Thank you once again, Kind regards Venus Hot Rock Dining International Pty Ltd Please note that the above information is of a general nature, and is not given as specific Taxation Advice. We recommend independent Taxation Advise pertaining your individual needs is sought before making any financial or investment decisions. Benson Leasing and its Representatives do not accept any liability for any errors or omissions of information supplied in this...
read moreNot all finance companies are alike
Not all finance companies like financing all equipment or like all types of customers for that matter. Benson Leasing is your one stop finance shop, unlike approaching the one finance company or the one bank, where if you are decline for credit you’re finished, Benson Leasing has many different finance companies we can approach on your behalf. If you’re a new in business we can help, if you’re a non-home owner we can help or if you have a few payment defaults on your credit rating we can help there also. Benson Leasing have real people assessing your application and we have many premium lenders for the more establish client or entry level funders for new businesses. We can tailor a finance product that suits your actual business needs, and your own personal situation, whether you need to buy equipment or you sell equipment Benson Leasing has flexible finance solutions. Benson Leasing can help you avoid technology obsolescence, maximise your tax effectiveness, smooth out your budgets and can help with cash-flow friendly payments. Further Reading Here are a few interesting articles and comments we have been reading this month, which you may be interested in: From the Sydney Morning Herald: How have the hire purchase rules for vehicles changed? Read more Have your say – The Australian Government is reviewing the Personal Property Securities Act 2009 (PPS Act) and would like to hear from...
read moreWondering how the new Privacy Laws will affect you in obtaining Finance?
From 12 March a new set of privacy principles regarding the handling of personal information came into effect for businesses. These are the 13 new “Australian Privacy Principles”. The Privacy Act has been around for many years – it’s just had a revamp to protect you, the consumer. The big changes relate to how businesses, such as Benson Leasing and our providers, handle, use, and store your personal information. Applying for future finance from Benson Leasing will continue to be a simple process and will not become more difficult in the application process. You will still be able to apply for Finance with our online application, or by downloading an application, or by emailing or calling one of the staff at Benson Leasing to chat about your needs. Benson Leasing is currently updating our already strong privacy policy, and reviewing our procedures and systems to ensure we comply with the new rules, and your information’s security continues to be guaranteed. What are the Changes to credit reporting laws? The Privacy Act now includes new credit reporting provisions including: • the introduction of more comprehensive credit reporting, a simplified and enhanced correction and complaints process • the introduction of civil penalties for breaches of certain credit reporting provisions • a requirement for credit providers to be a member of an external dispute resolution scheme, recognised under the Privacy Act, to be able to participate in the credit reporting system. Benson Leasing are already members of the Credit Ombudsman Service (member No:M0017210). What rights do you as a Consumer have? You will be given the right to access your personal information and correct out of date or incorrect information. Any direct marketing you receive from Benson Leasing does, and will continue to, provide a way to opt-out. Please call us on 1300 795 058 or go to our website www.bensonleasing.com.au for all your car financing needs. This information is a summary and general overview. It is not intended to be comprehensive and it is not legal...
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