Division 7A Software for Loans and Schedules

Tax Genie’s Division 7A software keeps company-client loans in shared folders and builds the full-term schedule from one loan record. Your practice records repayments, sees shortfalls and generates Word agreements without rebuilding a spreadsheet for each yearly review.

Tax Genie’s Shared Client Folders

Tax Genie keeps the lender company and its borrowers together in one client-group folder. Borrowers can be individuals, companies or trusts. The directors or trustees who sign sit alongside those records, so staff can distinguish the borrower from the person signing.

The whole practice can work on the folder. An activity history shows prior work on the client group, helping the next staff member understand what has changed before they update a loan. The yearly review starts with the shared records already in place.

Build the Loan Schedule Once

Enter the lender and one or more borrowers, then add each advance with its date. Record a 7-year unsecured or 25-year secured term. For an existing loan, start with its opening balance so the practice can maintain the remaining schedule.

Tax Genie builds a full-term schedule showing the opening balance, interest, minimum yearly repayment and closing balance for each year. Staff can see the loan beyond the current review instead of rebuilding a separate schedule every year.

Your practice adds each year’s published benchmark interest rate in one place. Those recorded rates support the schedule calculations. A missing benchmark rate needs attention before staff use that year’s figures for the review.

Record Repayments and See Shortfalls

Record repayments by how the loan reduces. A cash repayment records money paid towards the loan. A dividend offset applies a dividend owed to the borrower against the loan without money moving between accounts. Other reductions have their own repayment record.

Tax Genie updates the schedule when staff record a repayment. The overview flags a repayment shortfall, a missing benchmark rate, a missing execution date or a balance left after the loan term. Each flag identifies a record or result that needs review.

Use the dividend offset guide when the next task is applying a dividend and documenting the repayment. Keep the offset agreement and the repayment record together so the practitioner can review what reduced the balance.

Generate the Agreements

Tax Genie generates editable Word loan agreements and dividend offset agreements from the saved loan details. The documents include the cover page and the lender’s resolution or minutes. Your practice keeps its own Word templates, so staff can prepare documents from the wording the practice uses.

Review the generated agreement, arrange signing outside Tax Genie and keep the signed copy with the loan. The saved execution date and signed document give the next reviewer the record of what the parties completed.

The loan agreement guide covers identifying the parties, reviewing the terms and keeping the execution record. Use it when preparing or completing the agreement, then return to the loan record for ongoing repayments.

Fit Division 7A Work Into the Practice

The staff member maintaining the loan records adds the year’s benchmark rate and records advances or repayments. They review attention flags and gather any missing signed documents. The practitioner then reviews the schedule alongside the supporting records and decides the tax treatment.

Tax Genie records and calculates the saved loan. Your practice makes the compliance judgement, including whether a repayment or agreement meets the relevant requirements. The Division 7A overview covers that statutory review before the practice settles the loan documentation or repayment treatment.

For a walkthrough of loan records and yearly schedules in your practice, Talk to us.