Daily Bulletin


Money

  • Written by Greg Rogers



Sydney 18 August 2015. The Australian government has created a range of new and innovative tax concessions to encourage business people to increase their efficiency by investing in new plant and equipment.

How do small and medium businesses go about finding what equipment qualifies for the business equipment purchase incentives?

Equipment Finance

All around Australia people run small and medium enterprises. These business operators provide the huge range of products and services that we all need in our work and leisure. To keep up with a growing demand for business services and products, every business needs to hire a skilled workforce and to provide them with all of the things they need to do their job.

A business will often need plant and equipment to carry on primary production, manufacturing, warehousing, transport and construction.

Business equipment includes things like

Machinery and tools
Bulldozers and heavy machinery for mining and contractors
Trucks and vehicles
Building tools
Plant for the construction industry
Information technology & telecommunications
Industrial plant and equipment
Retail sales equipment
Kitchen plant and fit outs

The list of business items that can be bought with commercial loans is probably endless.

When it comes to buying new or replacement business equipment, it is much easier for a business manager to call in a business equipment finance expert for help. A bank might be a good source of help with advice for expanding a business and an accountant can look at the financial implications of any purchasing decision. A finance professional with an intimate knowledge of business purchasing and logistics should also be consulted.

People have their own areas of expertise. That is why it is important to avoid assuming that you know how to get a loan for business equipment or to choose to buy it outright but there may be better ways. If a business can save money on renting business equipment with options like equipment leasing, equipment loans or chattel mortgage or any other commercial loan products, then those options need to be explored.

For all types of commercial loans people need to compare what type of finance is on offer and discover ways to save money with their business loan.

A business advisor with access to a wide range of business finance providers often knows the ways many other business people acquire plant and equipment. They might also know how inexperienced business managers have made mistakes that could have been avoided. An equipment finance broker's advice is invaluable because they have extensive connections within the finance industry in Australia. The best finance brokers instinctively know where to go for a business loan.

It costs nothing to get help from a business finance expert. They can save you a lot of money and advise on what type of business will loan suit every unique circumstance. Loan experts can tailor a loan with payments structured for a client's cash flow.

Bad history is not always a barrier to getting equipment and business finance. A good broker will know how to source a bad credit loan to enable a borrower to meet their commitments with a view to earning a good credit rating.

It is not easy to run a business so it is important for all leaders to seek out the services of experts. Accountants, lawyers and finance brokers provide invaluable advice to managers as most successful business people are often busy actually running the business and cannot readily educate themselves about specialist topics like best ways of financing the commercial equipment that they need.

Tags

commercial loans, equipment finance, loans and leasing for business, buying plant and equipment

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