Business Tax Tips – GST on Lease payments – How it works + How GST applies

Business Tax Tips – GST on Lease payments – How it works + How GST applies

Business Tax Tips – GST on Lease payments – How it works + How GST applies

An alternative for paying the full price upfront for an asset such as equipment or vehicle, a business can acquire assets by starting a leasing arrangement to pay for and use goods over a period of time – then they need to account correctly for the GST. Next they need to understand how GST applies.

Here is some information from the ATO website Leasing, including links for further information –

Leasing agreements commonly apply to goods such as vehicles, office equipment and machinery.

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Source: veteran-owned