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Chapter 16 decribes leasing and other equipment finance. After completing this unit, you should be able to: Explain the main features of finance leases and operating leases, understand the reasons for leveraged leases and cross-border leases, outline the accounting and tax treatment of leases in australia, calculate rentals for a finance lease, evaluate a finance lease from the lessee’s viewpoint,. | Chapter 16 Leasing and Other Equipment Finance 2 2 2 2 2 2 2 Learning Objectives Explain the main features of finance leases and operating leases. Understand the reasons for leveraged leases and cross-border leases. Outline the accounting and tax treatment of leases in Australia. Calculate rentals for a finance lease. Evaluate a finance lease from the lessee’s viewpoint. 2 2 2 2 2 2 2 Learning Objectives (cont.) Evaluate an operating lease from the lessee’s viewpoint. Critically evaluate the suggested advantages of leasing. Explain the factors that can influence leasing policy. Outline the main features of chattel mortgages and hire-purchase agreements. 3 3 3 3 3 Introduction Leasing is distinguished from most other forms of finance by the fact that the financier (the lessor) is the legal owner of the leased asset. The asset user (the lessee) obtains the right to use the asset in return for periodic payments (lease rentals) to the lessor. Equipment finance: a general term that | Chapter 16 Leasing and Other Equipment Finance 2 2 2 2 2 2 2 Learning Objectives Explain the main features of finance leases and operating leases. Understand the reasons for leveraged leases and cross-border leases. Outline the accounting and tax treatment of leases in Australia. Calculate rentals for a finance lease. Evaluate a finance lease from the lessee’s viewpoint. 2 2 2 2 2 2 2 Learning Objectives (cont.) Evaluate an operating lease from the lessee’s viewpoint. Critically evaluate the suggested advantages of leasing. Explain the factors that can influence leasing policy. Outline the main features of chattel mortgages and hire-purchase agreements. 3 3 3 3 3 Introduction Leasing is distinguished from most other forms of finance by the fact that the financier (the lessor) is the legal owner of the leased asset. The asset user (the lessee) obtains the right to use the asset in return for periodic payments (lease rentals) to the lessor. Equipment finance: a general term that encompasses leasing hire-purchase and chattel mortgages. Recent figures from the Australian Equipment Lessors Association (2004) estimate around 20% of all new capital equipment acquired by Australian businesses is leased. 4 4 4 4 Operating Leases Essentially a rental agreement. Cancellable by the lessee, at little or no cost. Normally only for a short period, which is considerably less than the useful life of the leased asset. Risks of ownership borne by the lessor. Maintenance lease: operating lease where the lessor is responsible for all maintenance and service of the leased asset. 5 5 5 5 Finance Leases A long-term agreement that generally covers most of the economic life of the asset. Non-cancellable, or cancellable only if the lessee pays a substantial penalty to the lessor. The obligation is essentially the same as a borrower’s obligation to repay a loan. From the lessor's viewpoint it is, in effect, a secured loan. The risks and benefits of ownership of the asset are .
