Hire Purchase in Australia
Hire purchases are commonly used by businesses (including companies, partnerships and sole traders) in Australia to fund the purchase of cars, commercial vehicles and other business equipment.
Under Australian Taxation Office rules, businesses who account for GST on an accruals basis are entitled to claim an Input Tax Credit for all of the GST contained in the purchase price of the goods on their next Business Activity Statement.
Hire purchase is also commonly known as commercial hire purchase and corporate hire purchase (both abbreviated to CHP) in Australia.
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