When is a loan early access?
One of the issues the ATO has raised recently is where a loan is recorded in the financial statements but it is actually early access by the member not properly recorded.
So it begs the question when is a loan not a loan?
Documenting withdrawal with a loan agreement at the first instance goes someway to evidencing the intention to repay and abide by loan terms.
But what happens when years later there is no repayment and interest is only capitalised?
