Reporting LRBAs on Annual Returns 2014

8 August 2014

 

Where the asset of the LRBA is Australian real estate and the fund is entirely in accumulation phase then for the 2014 annual return the reporting requirements are:
Gross rent received in reported Section B Item 11B.
Deductions associated with the real estate are reported at:
For interest expenses Section C Item 12 A1;
Other deductible expenses at Section C Item 12 L1;
Non deductible expenses at Section C Item 12 L2.
Capital Gains derived on the sale of the property to a third party (assuming the gain is greater than $10,000) then:
Section B Item 11 G must be marked “Yes”;
CGT Schedule must be completed and attached to the fund annual return; and
The CGT Schedule must be completed by:
Inserting at Item 1 E  the dollar value of the gross capital gain;
If the asset has been held for more than 12 months  -  Inserting at Item 4 the total of the CGT discount (which is 1/3rd of the gross capital gain).
The value of the property must be inserted at Section H Item 15b J1 (if the property is residential) or J2 (If the property is non-residential).
The value of the borrowed amount must be inserted at Section H Item 16 V.
Where the acquired property is other than Australian real estate the required disclosure will be different.

Where the asset of the LRBA is Australian real estate and the fund is entirely in accumulation phase then for the 2014 annual return the reporting requirements are:

  • Gross rent received in reported Section B Item 11B.
  • Deductions associated with the real estate are reported at:

          >  For interest expenses Section C Item 12 A1;

          >  Other deductible expenses at Section C Item 12 L1;

          >  Non deductible expenses at Section C Item 12 L2.

  • Capital Gains derived on the sale of the property to a third party (assuming the gain is greater than $10,000) then:

          >  Section B Item 11 G must be marked “Yes”;

          >  CGT Schedule must be completed and attached to the fund annual return; and

          >  The CGT Schedule must be completed by:

                  >  Inserting at Item 1 E  the dollar value of the gross capital gain;

                  >  If the asset has been held for more than 12 months  -  Inserting at Item 4 the total of the
                      CGT discount (which is 1/3rd of the gross capital gain).

  • The value of the property must be inserted at Section H Item 15b J1 (if the property is residential) or J2 (If the property is non-residential).
  • The value of the borrowed amount must be inserted at Section H Item 16 V. where the acquired property is other than Australian real estate the required disclosure will be different.

Where the acquired property is other than Australian real estate the required disclosure will be different.

Back Enquiry