News & Views
Wondering 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 You will be given the right to access your personal information and correct out of date or incorrect information.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...
read moreWhat does Benson Leasing do?
What is an Equipment Finance Broker? Finance Brokers are now the number one choice for consumers and savvy businesses to use to help them with their finance needs from car and equipment leasing to loans to help their businesses expand. What does Benson Leasing do? Here at Benson Leasing we work with you, the client, to determine your borrowing needs and ability, select a loan suited specifically to your individual circumstances and manage the process through to settlement. You can be confident that the finance approval process will be trouble free so you can get on with running your business. Why use Benson Leasing for your finance needs? We do all the legwork for you We have direct and fast access to a wider range of lenders We are experts in a wide range of loans We are more flexible with your repayment rates and terms where needed We understand all the different finance products on the market We are Equipment Finance Specialists, so we are focused on loans only What can Benson Leasing Finance for you? Agricultural equipment Aircraft & ground equipment Beer systems Heavy lift equipment Motor Vehicle Motor vehicle lifting and diagnostic equipment Medical and dental equipment Phone systems Point of Sale Scales and cash-draws Does Benson Leasing hold any Professional Financial Memberships? Yes. We are members of the Commercial Asset Finance Brokers Association of Australia Limited (CAFBA), who have a strict code of Conduct and Constitution which all members must comply. We are also members of the Credit Ombudsman Service (COSL), which is an external dispute resolution scheme for the financial services industry approved by the Australian Securities and Investments Commission (ASIC). Jody Benson also holds qualifications in Financial Planning and Financial Advising and is a long standing JP, but chooses to focus on Equipment Finance. Call us today on 1300 795 058, or complete our easy online Application and we will get back to...
read moreLuxury Car Tax
Luxury Car Tax is a tax of 33% on the sale of motor vehicles that meet a certain set of conditions. Luxury Car Tax applies to most new and demonstrator cars where the price, excluding government fees and charges (registration, CTP & stamp duty) and including GST exceeds the Luxury Car Tax threshold. LCT is charged on the portion of the vehicle’s price that exceeds this threshold. The Luxury Car Tax threshold is subject to change each financial year. For the 2013-2014 financial year the threshold for regular motor vehicles is $60,316.00, and for fuel efficient motor vehicles is $75,375.00. In other words, Luxury Car Tax doesn’t only apply to luxury cars, but rather to any car that meets certain conditions. The Luxury Car Tax rate was set at 25%. In May 2008, the then Treasurer Wayne Swan announced that the Luxury Car Tax rate was increase by 8% (to 33%) effective from the 1st of July 2008. Prior to this the LCT rate was 25% and LCT did not apply to certain fuel efficient cars, including cars with combined-cycle fuel consumption of less than 7L/100km, and who were sold on or after the 3rd of October 2008 whose price is less than a new, higher fuel-efficient car limit (including GST and excluding government fees and charges – stamp duty, registration & CTP) If you are a Primary Producer or Tourism Operator you can claim a refund of the additional 8% to a maximum of $3,000 on all-wheel drive vehicles or four-wheel under certain circumstances (visit www.ato.gov.au for further information) When do you pay Luxury Car Tax? Luxury Car Tax is payable on a vehicle when you purchase the vehicle from a dealership or when the vehicle is less than two years old and is calculated from the build date for locally made cars or the compliance date for imported cars. You account for LCT when completing your activity statement for the tax period which also applies for GST. When don’t you pay Luxury Car Tax over the LCT threshold? When it’s a campervan or a commercial vehicle not designed to carry passengers or a vehicle transporting disabled people seated in wheelchairs. This is a minefield of calculations & regulations and the staff at Benson leasing are experienced at helping navigate around these numbers. Read...
read moreThe growth of Australia’s greatest puddings
Want to taste the best pudding in Australia? Look no further than Itha’s Puddings and Gourmet Foods. Itha’s Puddings use a traditional ‘cooked in the cloth’ recipe, and are individually handmade, using only top quality ingredients. In December 2012 their puddings were voted ‘Best in Australia’ by Choice Magazine. This impressive accolade created further publicity: in conjunction with the Choice review, Itha’s Puddings were featured on Channel 7’s Sunrise program, and were interviewed by Alan Jones on Radio 2GB. This resulted in a complete sell-out of stock and huge exposure. Benson Leasing are happy to have been involved with providing finance for the new oven for the newly expanded business into additional premises,. You can have these delicious treats delivered as a unique Christmas gift to your valued customers. To order Itha’s Puddings delicious products online, visit: www.ithaspuddings.com.au. To read the Choice review, please visit...
read moreThe Annual Uniwell Conference – 2013
Benson Leasing really enjoyed catching up with the Uniwell team at their annual conference on the Gold Coast in September. It was great to learn more about the latest point of sale technology that is available for our customers. The entire sales process can be fully integrated. Innovations include hand held ordering on smartphones, and peripherals such as scales and EFTPOS terminals interfacing with Uniwell POS and touchscreen terminals. Time is money – and this technology reduces customer wait times and costly errors. If you have been thinking about upgrading your POS system, we can help. Give us a call on 1300 795 058 for fast, friendly assistance to get you the finance you...
read moreStop chasing payments: the benefits of Invoice Financing
Managing cashflow is a problem that gives many business owners sleepless nights. Chasing money from outstanding debtors and juggling funds to pay staff and suppliers is stressful and time-consuming. Invoice Financing is an effective cashflow solution that is used by many businesses, and is a service offered by Benson Leasing. Invoice Financing (also called Factoring), is a system where a finance company agrees to quickly pay a percentage (usually 80%) of each sales invoice generated by a business. This means the business has access to payment for goods and services it has provided within a few days, rather than weeks. The invoice finance company takes ownership of the invoices it has partially funded, and chases the account payments if they exceed trading terms. Once the outstanding invoice is paid, the invoice financing company releases the remaining percentage of the funds to the business, minus their fee. This system is also often used by businesses that are experiencing rapid growth, and need working capital to take advantage of new business opportunities. Many businesses use Invoice Financing and their clients would not know. Call Benson Leasing on 1300 795 058 to discuss how Invoice Financing can free you from chasing debts, and allow you to focus on your...
read moreWhat’s new in finance
As a supplier, if you have a customer who is a Non-property owner and has only been in business for 2 years, “no problem” Benson Leasing can obtain for them up to $35,000 for any business equipment purchase they desire, when they meet our Credit Conditions which apply to all finance transactions. Just give Benson’s a call and find out how we can help you sell your equipment to customers who are new in business.
read more“I didn’t know I could finance that?”
Benson Leasing would like to remind our suppliers & customers that we can obtain finance for almost anything for your business and in a very tax effective way. Last week I was on the phone to one of my customers having a light hearted conversation about what he was doing in his business and he mentioned that he was upgrading his lighting the new LED technology at a cost of approximately $15,000. He also mentioned that although over time it would save him a lot of money, he didn’t really want to pull the money out of the business, because it caused havoc with his cash flow but he thought he had no choice. That’s when I realised that over all the many conversation we had, he had never really been listening to me. I then told him “We finance LED LIGHTING”. He was disappointed that he never asked the question about the LED Lighting and if he did he would have financed the LED Lighting. Lucky for him, he hadn’t paid the invoice and we ended up finance it with an easy Operating Lease for him anyway, thus freeing his cash flow. I know that many of our customers find themselves in the same situation, if they only had asked us the question. ”Can you finance…? More often than not the answer will be...
read moreLegal Changes for Small Business this Financial Year
A new Financial Year results in a number of legal changes for business owners to come to grips with. This helpful guide from SmartCompany provides an overview of recent and upcoming changes that affect small business. You can read it here. Benson Leasing & our partners are committed to taking the time to understand your business and its needs for the future, and will formulate the most appropriate solutions for your financing needs. We can provide real time solutions for real time situations for all your Equipment Financing upgrades. Call or e-mail us today to discuss how we can help you make the most of your business’s cashflow to fund your new equipment this Financial...
read moreGoal-setting for this Financial Year
Happy New Financial Year! What worked for your business last year? What didn’t? This is a time to reflect on your successes, as well as anything that may not be going so well. It’s an opportunity to set goals and gain some clarity on what your business needs to move forward. If you have expansion plans for this financial year, we can help! Call us for advice and assistance on how to purchase equipment or motor vehicles without compromising your cashflow.
read moreOur Memberships
