Frequently asked questions

Buy Back

What is ‘Buy Back’?

Buy Back is a scheme under which SilverChef buys eligible equipment from hospitality business owners who need an injection of cash. 

The business owner then rents the equipment back from us under a 12-month Rent–Try–Buy agreement. 

Not only does their business get a cash injection, the manageable, weekly rental payments, which are 100% tax deductible*, also help protect their business’s cash flow.

How does SilverChef calculate the amounts it pays for used equipment?

The prices we pay for used commercial kitchen equipment under our Buy Back scheme are based on the equipment’s:

  • original invoice price
  • age
  • depreciation (using the Australian Taxation Office’s depreciation rates)
  • make and model
  • condition.

What must the equipment supplier’s original invoice have on it?

For us to accept the original invoice, it must include the:

  • supplier’s details (business name, ABN)
  • model number and/or item description
  • serial number
  • cost.

Which parts of my equipment do I need to photograph?

To help us identify the equipment and determine its condition, we need you to take photos of the equipment’s:

  • data plate, showing make, model, serial number, and date of manufacture
  • accessible sides
  • accessories
  • interior. 

If the equipment is more than six months old, we may also ask you to send us a 20-second video showing the equipment in use. 

Do you inspect the equipment before buying it from me?

If the equipment is valued at more than $5,000 and we’re not sure of its condition, we may inspect it. Otherwise, we won’t.

Do I need to give you the equipment’s service records?

Depending on the equipment’s age and condition (as shown in the photos you’ve taken for us), we may ask you for its service records.

When do I start paying rent?

Your rental payments will start after we’ve deposited the cash for your equipment into your nominated bank account and you’ve signed your Rent–Try–Buy agreement.

Another lender financed my equipment and I still owe them money — is it eligible for Buy Back?

No — we only buy equipment that is unencumbered, meaning equipment that's not being used as security or collateral for an outstanding loan.

Does Buy Back allow customers to upgrade their equipment?

Yes — however, unlike a normal Rent–Try–Buy agreement, which allows customers to upgrade the equipment at any time, Buy Back equipment can be upgraded only after 12 months.

* The ATO has indicated that there are several expenses involved in running a business that could be claimed as a business-related tax deduction. For example, if the expenses relate directly to income earned and are used for a commercial (not personal) purpose. These expenses include operating expenses (e.g. rental payments) and capital expenses (e.g. depreciating equipment). This advice is general in nature and does not consider your personal circumstances. Professional advice should be sought that is tailored to your personal situation.