WZ 64.91.0—Financial leasing

Where 64.91.0 sits

1. L Financial and insurance activities
2. 64 Financial service activities, except insurance and pension funding
3. 64.9 Other financial service activities, except insurance and pension funding
4. 64.91 Financial leasing
5. 64.91.0 Financial leasing

What 64.91.0 includes

• This subclass encompasses finance leases, a contract by which the lessor, as the legal owner of an asset, transfers all the risks and benefits of ownership of that asset to the lessee. Finance leases are based on the assumption that the lessor provides the lessee with a loan that allows the lessee to fully acquire the economic benefits and risks of the lease. The leased asset is then recognized on the lessee's balance sheet, not the lessor's; the corresponding loan is recognized as a receivable of the lessor and a liability of the lessee.
• Finance leasing of durable goods (e.g. vehicles)

What 64.91.0 excludes

• Operating leases, depending on the type of leased goods, see Division 77

64.91.0 in other systems