Hi ,
Please help.
A loan was made in 2018/19 FY and was fully repaid (31.12.19 ) by the earlier of due date and the actual date .
Is there a requirement to calculate interest upto 31.12.19 based on the opening balance ( brought forward from 18/19 FY) ?
Thanks
Understand the position arounf lodgment day, but if the shareholder is also an director (= employee)
then the loan is a fringe benefit if not Div 7A.
A loan was made in 2018/19 FY and was fully repaid (31.12.19 ) by the earlier of due date and the actual date .
Is there a requirement to calculate interest upto 31.12.19 based on the opening balance ( brought forward from 18/19 FY) ?
Yes - the ATO Div7A calulator will give the amount.
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