NAVIGATING
THE OPTIONS OF
ASSET FINANCE


You may be wondering…
‘What’s next for me and my business?’

Or

‘How can I take full advantage of industry specific asset finance?’

Here are some insights on the crucial actions you can take to maximise the benefits of asset finance and ensure smooth sailing ahead.

1. Evaluate your asset needs

The first step on this voyage is to evaluate your specific asset requirements.
– What equipment or machinery does your business need?
– Are there any upgrades or replacements required?

Take the time to identify your asset needs thoroughly.

IF YOU’RE IN:

CONSTRUCTION
– Consider the types of machinery that align with your upcoming projects.

HEALTHCARE
– Assess the condition of your medical equipment and whether modernisation is required.

AGRICULTURE
– Evaluate your farming machinery.

TRANSPORTATION
– Consider the state of your fleet.

Knowing your asset needs is crucial for making informed decisions.

2. Seek professional guidance

Navigating the waters of asset finance can be challenging, especially with the intricacies of industry specific solutions. Seeking professional guidance from our asset finance team can be a game changer. Our professional services can assess your specific industry and business needs and recommend the most suitable financing options.

Whether you’re considering a lease, chattel mortgage or hire purchase, our expert finance team can guide you through the process and help you understand the nuances of tax benefits and depreciation. Our insights can lead to more informed and profitable decisions.

3. Explore tax benefits

One of the significant advantages of asset finance in Australia is the potential for tax benefits. Depending on your industry and the assets you finance, you may be eligible for tax deductions and depreciation benefits. It’s essential to work with our team of finance experts, accountants and financial advisors who understand these intricacies and can help optimise your asset financing for tax efficiency.

Construction sector
Depreciation deductions can significantly reduce the overall cost of financing heavy machinery.

Healthcare
Depreciation benefits apply to medical equipment.

Agriculture
Various deductions are available for farming assets.

Transportation companies
Can also benefit from depreciation allowances on commercial vehicles.

4. Consider maintenance and upgrades

Industry specific asset finance often includes provisions for equipment maintenance and upgrades. This can be particularly advantageous for businesses that rely on advanced technology and machinery. Regular maintenance ensures that your assets remain in optimal working condition, reducing the risk of downtime and costly repairs.

Having the option to upgrade your assets when necessary can enhance efficiency and competitiveness in your industry. For example, in the transportation sector, regularly upgrading your fleet ensures that your vehicles meet industry standards and are equipped with the latest technology for safety and performance.

5. Monitor industry trends

In today’s rapidly evolving business world, staying informed about industry trends is essential. Monitoring industry specific developments and technological advancements can help you make informed decisions about asset acquisition and financing. It also allows you to plan for future equipment needs and anticipate changes in industry regulations.

For instance, the healthcare sector is continuously influenced by new medical technologies and treatment methods. Being aware of these advancements can guide your decisions regarding the acquisition of the latest equipment.

In construction, staying updated on construction methods and materials can guide your choice of machinery and tools.

6. Review and revise your asset finance plan

Just as the tides change, so do your business needs. Periodically reviewing and revising your asset finance plan is essential to ensure it remains aligned with your industry’s demands and your business goals. This review may involve reassessing your asset needs, exploring new financing options or adjusting the terms of your existing agreements.

By maintaining a flexible approach to your asset finance plan, you can adapt to changes in your industry and respond to unforeseen challenges.

For example, if you’re in agriculture and facing an unpredictable weather season, you may need to adjust your equipment financing to accommodate crop protection measures.

7. Continue your learning journey

Asset finance is a dynamic field and there’s always more to discover. This is why we like to continue with your learning journey and keep you updated on industry trends. Our monthly educational updates can help you make more informed decisions and stay ahead of the curve in your industry.

Your journey through the world of asset finance is a continuous one

By evaluating your asset needs, seeking our professional guidance, exploring tax benefits, considering maintenance and upgrades, monitoring industry trends and reviewing your asset finance plan on a regular basis, together we can help you navigate the waters with confidence and success.

 

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Determining the right type of finance for your business can be tricky. Don’t do it alone.


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Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. © 2023