Details Amount ($)
Balance 01-07-2014 $75,000
Repayment - 31-08-2014 $20,000
Balance before Lodgment
- 15-05-2015 $55,000
repayment - 30-05-2015 $8,000
Balance $47,000
There is specific question on ATO Div 7A calculator "Enter the sum of the unsecured constituent loans that were made in the 2013-14 income year before any repayments were made"
In this example, what amount shall be recorded as amalgamated loan while processing in Division 7A calculator? $75,000 or $55,000?
Further the Loan agreement to be created shall be of $75,000 or $55,000?
Because interest amount change when we enter amounts differently either $75,000 with repayments at bottom considering both before and after lodgment date or $55,000 without considering repayments before lodgement date at bottom.
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