InterPrac Leasing Newsletter-January 2008

  
 

Dear Member

Welcome to the first InterPrac Leasing newsletter for 2008. We hope you had a good break and feel refreshed for the New Year.

Mortgage Duty Relief for Some
Good news for borrowers in Queensland - your state governments have reduced the Mortgage Duty payable when taking finance for Vehicle, Trucks and equipment via Chattel Mortgage. This will be applicable from 1st of January 2008. Here is a table to assist you with all states:

 

Hire and Rental Duty
 (applicable to rentals on Commercial Hire Purchases and Leases)

Mortgage Duty
 (payable on Bills of Sale for Commercial Loans)

NSW

Current Rate: 0.75% (Equipment leases/ rentals/ hire purchases)

> 9 months. 1.5% for other hire / rentals. To be abolished 1 July 2007.

Current Rate: $5 + $4 for every $1,000. (or part) on excess over $16,000.

To be Abolished 1 July 2009

VIC

Abolished 1 January 2007

Abolished 1 July 2004

QLD

Abolished 1 January 2007

Rate from 1 January 2008: 20 cents per $100 (or part of $100.)

To be Abolished 1 January 2009

WA

Abolished 1 January 2007 

Current Rate:
 ∙ If the amount secured by a mortgage other than a home mortgage:
$20 + 20 cents per $100 (or part of $100) on excess over $10,000
For Real Estate Security (when taking collateral)
∙ If the amount is secured by a home mortgage and the home/or part of home is used as the mortgagor’s dwelling/house: $20.00 + $0.125 for each $100 (or part of $100) on excess over $16,0000.

To be Abolished on 1 July 2008

ACT

Current Rate: 0.75% for ≥ 9 months (Equipment leases/rentals/ & hire purchase.) 1.5% for all other hires.

To be Abolished 1 July 2007

N/A 

TAS

N/A

N/A Abolished 1 July 2007

NT

Current Rate: 1.8% duty on equipment lease/rentals and hire purchase)

To be Abolished 1 July 2007

N/A 

SA

Current Rate: 0.5% to 0.75% for ≥ 9 months (Equipment leases/rentals/ & hire purchase.) 1.2% to 1.8% for other hires/rentals.

To be abolished on 1 July 2009. Will be a staggered abolishment with rate initially decreasing by a third on 1 July 2007 and an additional third on 1 July 2008

Current Rate: $0.3 for each $100 (or part) on excess over $6,000.

To be Abolished on 1 July 2009. Will be a staggered abolishment with rate initially reducing by a third on 1 July 2007 and then by an additional third on 1 July 2008.
 

Hire and Rental Duty
 (applicable to rentals on Commercial Hire Purchases and Leases)

Mortgage Duty
 (payable on Bills of Sale for Commercial Loans)

NSW

Current Rate: 0.75% (Equipment leases/ rentals/ hire purchases)

> 9 months. 1.5% for other hire / rentals. To be abolished 1 July 2007.

Current Rate: $5 + $4 for every $1,000. (or part) on excess over $16,000.

To be Abolished 1 July 2009.

VIC

Abolished 1 January 2007

Abolished 1 January 2007 Abolished 1 July 2004

QLD

Abolished 1 January 2007

Rate from 1 January 2008: 20 cents per $100 (or part of $100.)

To be Abolished 1 January 2009

WA

Abolished 1 January 2007 

Current Rate:
 ∙ If the amount secured by a mortgage other than a home mortgage:
$20 + 20 cents per $100 (or part of $100) on excess over $10,000
For Real Estate Security (when taking collateral)
∙ If the amount is secured by a home mortgage and the home/or part of home is used as the mortgagor’s dwelling/house: $20.00 + $0.125 for each $100 (or part of $100) on excess over $16,0000.

To be Abolished on 1 July 2008

ACT

Current Rate: 0.75% for ≥ 9 months (Equipment leases/rentals/ & hire purchase.) 1.5% for all other hires.

To be Abolished 1 July 2007

N/A 

TAS

N/A

N/A Abolished 1 July 2007

NT

Current Rate: 1.8% duty on equipment lease/rentals and hire purchase)

To be Abolished 1 July 2007

N/A 

SA

Current Rate: 0.5% to 0.75% for ≥ 9 months (Equipment leases/rentals/ & hire purchase.) 1.2% to 1.8% for other hires/rentals.

To be abolished on 1 July 2009. Will be a staggered abolishment with rate initially decreasing by a third on 1 July 2007 and an additional third on 1 July 2008

Current Rate: $0.3 for each $100 (or part) on excess over $6,000.

To be Abolished on 1 July 2009. Will be a staggered abolishment with rate initially reducing by a third on 1 July 2007 and then by an additional third on

Small Ticket Finance & Premium insurance Finance
We are glad to see that the Small Ticket Finance has assisted many businesses that are unable to show strong financials and require small borrowings for a vehicle or some equipment to allow for business growth. The facility is only available to a maximum of $20,000 on vehicles and equipment purchased from recognised suppliers. Simple conditions are required, such as; the business needs to have been operating for two years or more, no adverse credit history and supply 3 business references.

Premium Insurance Funding
Premium insurance funding available for all commercial premium insurances starting from $5,000. Further, up to $75,000 no financials are required and these can be consolidated from a combination of bills such as work cover, professional indemnity, fleet insurance and all similar premium bills.

Debtor Finance
Businesses are always conscious about cash flow thus for operations such as manufacturers, wholesale distributors, labour recruitment agencies and similar industries often rely on an overdraft to keep the business going. This can often occur due to payment arrangements which vary from 30 to 90 days. We can assist by securing finance against the debtor’s only, a great way to unlock securities given to banks against commercial and residential properties. Often this facility is also looked at as great way to open opportunities for investments/wealth building or simply to continue to grow a business.

For more details please contact our Vehicle and Equipment Finance Department on 1800 700 666 or visit www.interprac.com.au.

Yours sincerely

Djamel Chettibi
National Leasing Manager
 InterPrac Finance Services Pty Ltd
Ph: 1800 700 666
Fax: 1300 361 587
www.interprac.com.au