A type of Commercial Lease and Rental Agreement for use between spouses, inter-company transactions, or whenever the need exists to have a legitimate lease arrangement without bank funding.

How does it work? - an Associate Lease is an arrangement where an associate of the employee (eg: family member, friend or family company) owns the car outright and leases it to the employer under an Associate Lease Agreement. The employer then provides it to the employee on a fully maintained basis through flexible salary packaging.

Taxation issues to consider - as with a Novated Lease, under an Associate Lease, the car is recognised as an employer provided car for the purposes of the Income Tax Assessment Act (“ITAA”) and the FBT Act. (See Commissioner of Taxation in Ruling IT 2509). Depending on circumstances, the employee’s associate may or may not be required to register for GST but will be required to obtain an Australian Business Number (ABN) prior to taking out an Associate Lease. Under an Associate Lease, the employee personally will be unable to claim any deduction in relation to the vehicle. However, the employee’s associate will be assessed (for income tax purposes) for the lease payments received from the employer.

End of lease options - if the employee ceases employment with the employer, the employer’s obligation to pay further lease rentals under the Associate Lease Agreement ceases. The employee or the associate will be liable for all future running costs from the date of termination of employment.

Madison Finance offers a range of innovative car finance, novated lease and equipment finance products to individuals and businesses in Adelaide, Mount Gambier, Whyalla, Gawler, Port Pirie, Port Augusta and throughout South Australia (SA).

Retail new-vehicle sales in the U.S. were down by 40 per cent during the first 17 selling days in March, compared with the same period in 2008, according to J.D. Power and Associates. The firm gathers real-time transaction data from more than 10,000 dealerships across the U.S.

New-vehicle retail sales for the entire month of March are projected to come in at 633,000 units, compared with 1.07 million units a year ago. In February, retail sales totalled 557,000 units. The numbers represent retail sales only, including dealership sales and leases to private parties, and do not include fleet sales. With fleet sales, March is expected to show 798,000 units.

“While the automotive market is down 40 per cent year over year through the first quarter of 2009, the remainder of the year continues to be an open question,” said Gary Dilts, senior vice president of global automotive operations. “We’re still seeing economic headwinds and reduced consumer demand for new vehicles, making it a tough marketplace. However, we anticipate that improvements on Wall Street and a boost in consumer confidence will help to bring the market back.”

Rick Wagoner is expected to resign from his position as CEO of General Motors, according to several reports, which suggested that the U.S. Administration asked for his resignation.

Wagoner, who joined the company in 1977, has been chairman and CEO of GM since May 2003, and president and CEO since 2000. He has repeatedly said that he did not intend to step down and felt his leading the automaker through the economic crisis was in its best interest.

In a statement, General Motors said that it is anticipating an announcement from the government regarding the restructuring of the U.S. auto industry and would not speculate on the content of any announcement. The company has requested more than US$16 billion in additional government aid.

Several sources, including The Associated Press, said that Wagoner will leave the company immediately.

Technology and healthcare equipment is constantly being upgraded with new features and benefits. To keep pace with the changes can be an administrative challenge, as well as an inefficient use of valuable capital. To make it easier to get access to the latest technology and healthcare equipment, we can offer you a range of managed financial solutions to finance your new and existing equipment.

How does it work?

You select the technology or healthcare equipment that suits your business needs. We then do the rest. We will provide you with an estimate of the monthly repayments for the period of time you wish to use the technology or healthcare equipment for. Then after some simple documentation has been completed, we do the rest.

Options available to you at the end of the financing period

You can return the technology or healthcare equipment and replace it with the latest available. Or you can continue to use the equipment, and or upgrade if it suits you to do so, under ongoing arrangements. Or if you want to keep it, just ask us to sell you the equipment, and we can do that too.

Unsecured loans for Medical Practitioners

We are able to arrange unsecured loans for Medical Practitioners. Rates are extremely competitive and establishment costs are usually lower than secured loans. This is the perfect facility for medical professionals to buy into practices, fit-out surgeries, or for special purposes such as works of art or bloodstock.