Division 7A, [Year] Calculation workpaper (D7L-XX)

A Division 7A, [Year] Calculation workpaper exists for each individual loan, named for the year the loan originated (for example, Division 7A, 2017 Calculation). It calculates minimum repayments and interest for that specific loan and feeds into the Division 7A Loan Summary (D7L).

Data extraction

●        Year of loan: from the Balance Sheet, matched against "Director loan 20XX" or "20XX Director loan", year extracted from the account name.

●        Security: always entered as Unsecured.

●        Full Term of Loan: always entered as 7 years.

●        Loan Balance as at 1 July (opening): from the Balance Sheet, the Non-Current Assets loan-to-director account for that year.

●        Early of due date or lodgement date: entered as 15 May of the following financial year.

●        Payments made by due/lodgement date: only completed in the first year after the loan was made (i.e. a balance already existed at the prior 30 June). Where it applies, it's the sum of all repayments between 1 July and the lodgement date.

●        Movement in loan accounts (Repayment Date, Transaction Description, Repayment Amount): entered date-wise from the General Ledger for every transaction where the credit amount is greater than zero.

Exceptions

Note: This workpaper applies only to companies; for any other entity type it should not populate even if an account is mapped to Loans to Directors. If there's more than one Division 7A or director loan account for the same entity, the system shows Human Intervention Required rather than guessing which loan a transaction belongs to. And if the loan itself sits in a credit balance (the company owes the director, not the reverse), minimum repayment and interest are not calculated at all, only ledger balances are fetched, and the UI shows "MINIMUM REPAYMENT NOT CALCULATED AS LOAN HAS CREDIT BALANCE." For a credit-balance loan, only the "Loan withdrawn during the year" figure (net movement) applies.

How to access

●        Go to Jobs and open the relevant job.

●        Click the Workpapers icon or navigate to Job Results then Workpapers.

●        Select D7L-XX on the Workpapers Dashboard.