CMN.ATO.SMSFAR

Taxable income/loss calculation incorrect. If the answer to the question Did the fund have any other income that was assessable? is False, the taxable income or loss must equal zero income minus all deductions.

Solution

Taxable income or loss is not equal to the Total deductions amount when there is an amount greater than zero at Total assessable income.

Limited recourse borrowing arrangements amount greater than zero must be supplied

Solution

If there is an amount greater than zero reported at Borrowings for limited recourse borrowing arrangement, an amount greater than zero must be reported at Limited recourse borrowing arrangements.

An amount greater than zero is required at Limited recourse borrowing arrangements

Solution

A response is required to the question If the fund had an LRBA, were the LRBA borrowings from a licensed financial institution?, if there is a value greater than zero reported at Limited recourse borrowing arrangements.

Response required at Limited recourse borrowing arrangements (LRBA) question

Solution

A response is required to the question Did members or related parties of the fund use personal guarantees or other security for the LRBA?, if there is a value greater than zero reported at Limited recourse borrowing arrangements.

An amount greater than zero is required at Limited recourse borrowing arrangements

An amount greater than zero is required at Limited recourse borrowing arrangements, if there is a response at questions, If the fund had an LRBA, were the LRBA borrowings from a licensed financial institution? or Did members or related parties of the fund use personal guarantees or other security for the LRBA?