Borrowings for limited recourse borrowing arrangements
V1, V2 and V3 and V Borrowings
Show at labels V1 to V3 the total value of each type of outstanding borrowing by the SMSF (including accrued interest) on 30 June 2018.
Show at label V1 the value of outstanding borrowings held under all limited recourse borrowing arrangements at 30 June 2018.
Do not include the value of the assets held under the limited recourse borrowing arrangement here.
The values of the assets held on trust under limited recourse borrowing arrangements are to be included at J1 to J6 and the total at J of item 15b.
Show at label V2 the value (on 30 June 2018) of any permissible temporary borrowings held by the SMSF.
Permissible temporary borrowings are those borrowings allowed under subsections 67(2), (2A) and (3) of the Superannuation Industry (Supervision) Act 1993.
If the SMSF had any other outstanding borrowings, show at V3 the value of all other borrowing amounts on 30 June 2018.
The total at Show at label V is auto-calculated by MYOB Tax and is the sum of V1, V2 and V3.
Show at label W the total of all member account balances shown at label S Closing account balance in Section F and G. This amount will be automatically calculated by Tax and is the sum of all instances of the member worksheet xF balances.
Show at label X the total assets not allocated to any members as at the SMSF's balance date.
The use of reserve accounts is strictly limited for SMSFs. For more information see, SMSF Regulator's Bulletin 2018/1 - The use of reserves by self-managed superannuation funds.
Show at label Y the total amount of any other liabilities that cannot be included at the following labels:
V - Borrowings
W - Total member closing account balances, and
X - Reserve accounts