All costs associated with the finance application, including fees, interest, GST, etc. Term charges are typically determined by the calculation method selected as different financiers calculate term charges differently.
GST on AP T/Charges
Asset purchase type applications can have their GST on AP Term Charges set as financed, unfinanced, or they are not applicable.
Unfinanced: GST on asset purchase term charges are paid upfront by the applicant.
Financed: GST on asset purchase term charges are included as part of the total amount financed.
Not Applicable: There is no GST on asset purchase term charges.
Unfinanced GST Inc.
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This field can only be selected if the GST on AP T/Charges is set to Unfinanced.
Lists the GST to be excluded from the loan.
Term Charges and Financed Goods GST: Term charges and asset GST will be unfinanced. This is the current method employed by Macquarie and Westpac institutions.
Term Charges Only: Term charges only are unfinanced.
Term Charges GST
GST portion of the term charges.
GST Financed (exc Bkg)
Sum of Cost of Goods GST, GST on Term Charges, and any GST on financed fees that are financed into the loan.
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Recording the Calculations Information - Click here to expand...
To enter the calculations for an application for finance:
Select the Calculation Method. This involves entering the financier, the Australian state, and the type of finance.
Enter the cost of goods.
Enter any deposit.
Enter any revenue (fees).
Enter any brokerage.
The Amount Financed group summarises the amount of money being financed by the application (both excluding and including brokerage).
Enter any residual or balloon amounts.
Enter the wholesale interest rate.
Enter the term (weekly, fortnightly, or monthly) of the finance. Indicate if the term is in advance or arrears.
Select the structure of the application (Single, Group, or Custom Payments).
Click the Solve button (next to the Structure field) to calculate the custom or group or click the Solve button (next to the Net amount in the Single Repayment group) to calculate the single repayment amount.
The All Repayments group summarises the details of all repayments over the term showing Net, GST, Stamp Duty and Term Charges.