Platinum Marine Finance

Chattel Mortgage

PLATINUM MARINE FINANCE - CHATTEL MORTGAGE

A Platinum Chattel Mortgage is an ideal way for individual business customers to maximise the taxation benefits gained from financing a Boat.

Whether they are upgrading an existing boat, or acquiring additional boats, a Platinum Chattel Mortgage offers individual business customers many advantages and is designed especially for those sole traders and partnerships who account for their business operations on a cash basis.

Individual business customers who wish to place a deposit into their finance contract, or nominate the value of the balloon (final instalment) on their contract, will typically use a Commercial Hire Purchase agreement, as this type of finance contract offers maximum flexibility for the customer to set the monthly repayments to suit their budget.

Under both a Chattel Mortgage and Commercial Hire Purchase agreement, the Goods and Services Tax (GST) is contained in the purchase price of the boat, but does not apply to the monthly repayment or balloon (final instalment) on the contract. Normally, those individual business customers who are registered for GST purposes and enter into a Commercial Hire Purchase agreement will apply Input Tax Credits (ITC's) to claim back some or all of the GST.

To afford those individual business customers who account on a cash basis the same taxation benefits as those who account on an accrual basis, Platinum Marine Finance has introduced the Platinum Chattel Mortgage.

With a Platinum Chattel Mortgage, individual business customers accounting on a cash basis can claim back the GST as soon as they lodge their next Business Activity Statement (BAS).

Arranging finance through Platinum Marine Finance is easy. Once you have decided on the boat of your choice, simply speak with a Platinum consultant. They can advise you on the full range of options and tailor a finance package to suit your needs.