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Chattel mortgages allow GST-registered tradies to claim input tax credits on vehicle purchases, deduct interest, and claim depreciation. The monthly repayments reduce home loan borrowing power and should be completed before applying for a mortgage.
Yes. Sole traders with an ABN and GST registration are eligible. You'll need at least one year of ABN registration and evidence of income via tax returns or BAS statements.
You cannot deduct the full repayment. You can deduct the interest component plus depreciation on the asset separately. Not the principal repayment component.
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