Enter the outstanding limited recourse borrowing arrangement amount attributable to each member
for total super balance purposes. Reporting of an amount at this label only applies to:
- New LRBA entered into on or after 1 July 2018, or
- The refinancing of an existing LRBA and the refinanced amount increases on or after 1 July 2018, or
- The refinancing of an existing LRBA to acquire different assets on or after 1 July 2018
Write at Y the value at 30 June of the outstanding LRBA amounts attributable to each member,
where the LRBA lender is an associate of the fund, or the member has met a condition of release
with a nil cashing restriction.
Prerequisite
When Create Entries has been processed, follow the steps below for Simple Fund 360 to automatically calculate Label Y.
1. Navigate to the Chart of Accounts
2. Search for the LRBA Account (85500) and edit.
3. Select More Details>>
4. Select "Report LRBA balance in Tax return (2019 FY onwards)"
5. Select Save.
If the fund does not meet these above prerequisites, leave the "Report LRBA balance in Tax return (2019 FY onwards)" checkbox unticked.
Calculation
Where you need to include your share of the outstanding amount of an LRBA in your TSB, the amount is a proportion of the total outstanding balance based on your share of the super interests supported by the LRBA. The proportion is calculated by determining the ratio of the total super interests supported by the borrowing that is attributable to each member.
Following formula has been applied and can be reviewed from the Create Entries Report:
outstanding balance means the outstanding balance on the borrowing at the time of working out your total superannuation balance.
value of all supported super interests means the sum of the values at that time of all superannuation interests in the regulated superannuation fund that are supported by the asset or assets that secure the borrowing.
value of your supported super interests means the sum of the *values at that time of each superannuation interest of yours that is supported by the asset or assets that secure the *borrowing.
.
