Error: The sum of all Australian and overseas amount must equal the sum of all liabilities amounts.
Guidance: It is required by ATO that if “16V1 Borrowings for limited recourse borrowing arrangements” is filled then LRBA section in Assets should be filled too. Also there is a requirement that Total assets should be equal to Total liabilities. User should resolve these errors by themselves. Learn more
Illustration: For unpaid loan
Guidance: The issue is the amount in the Asset > Limited recourse borrowing arrangements > J2 which is nil and K-Non Residential Real Property section of $1,100,000.
Since the loan is not yet cleared, the whole amount on item K should be recorded in J2. K should be nil. Once fully paid, J2 should be nil and the Assest cost should be recorded now in item K.
