Total superannuation balance—limited recourse borrowing arrangements
307-231 Total superannuation balance—limited recourse borrowing arrangements
Section 307‑231 of the Income Tax Assessment Act 1997 applies in relation to borrowings that arise under contracts entered into on or after 1 July 2018.
For the purposes of subsection (1), a borrowing (the new borrowing) that arises under a contract entered into on or after 1 July 2018 is treated as if it arose under a contract entered into before 1 July 2018 if:
the new borrowing is a refinancing of a borrowing (the old borrowing) that was made under a contract:
entered into before 1 July 2018; and
covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and
the new borrowing is secured by the same asset or assets as the old borrowing; and
the amount of the new borrowing at the time it is first made equals, or is less than, the outstanding balance on the old borrowing just before the refinancing.
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