Division 7A Solution

The LightYear Docs Division 7A Solution is expertly crafted to simplify and streamline the management of multiple Division 7A loans within a single, comprehensive agreement. This cutting-edge template eliminates the need for additional paperwork by allowing multiple Division 7A loans to be seamlessly managed under one framework. Fully compliant with the Income Tax Assessment Act 1936, among other relevant Australian tax legislation, this solution ensures full regulatory compliance.

The template is further enhanced by its accompanying continuing obligations, which simplify the management of both past and new loans within the umbrella agreement. By effortlessly integrating loan details, generating pertinent minutes, and outlining drawdowns, the LightYear Docs Division 7A Solution stands as an invaluable resource for anyone dealing with Division 7A loans.

► Provided under Strategist membership.

► The master document has been signed off by Abbott & Mourly and is congruent with Australian law.

General Information

Navigating Division 7A loans can be complex, but the LightYear Docs Division 7A Solution aims to simplify this process. Unlike traditional loan documents, this template incorporates an all-in-one approach, allowing for the management of multiple loans within a unified framework. It's not just about compliance; it's about efficiency.

The template's built-in continuing obligations feature takes the guesswork out of loan management, ensuring that you're not just meeting legal requirements but also optimising your loan portfolio. Ideal for various professionals, from business owners to accountants, this template is your go-to resource for Division 7A loan management.

• Streamlined Management: Manage multiple Division 7A loans effortlessly under one comprehensive agreement.
• Regulatory Compliance: Designed to be fully compliant with the Income Tax Act and the Income Tax Assessment Act 1936, ensuring peace of mind.
• Automated Documentation: The continuing obligations feature automates the generation of minutes and drawdowns, reducing administrative burden.
• Portfolio Overview: Receive a concise summary of your updated loan structure, enabling better decision-making.
•  User-Friendly: Exclusively available on the LightYear Docs platform, the template is easy to access, fill out, and store. 

Frequently Asked Legal Questions

Is this document a legal document?

All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

However, in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by Abbott & Mourly.

The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

Likewise, in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances.  The Court held that this process was legal work.

Is the document easy to read?

All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lightyeardocs.com.au.

What lawyers sign off on the LightYear Docs documents?

All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.

Are the LightYear Docs documents reviewed regularly?

All LightYear Docs documents form part of the LightYear Docs internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.

What makes this Division 7A Solution unique?

The template offers an all-in-one solution for managing multiple Division 7A loans, complete with a continuing obligations feature that automates the documentation process.

Is this template compliant with Australian tax laws?

Yes, it is compliant with the Income Tax Assessment Act 1936, ensuring you meet all regulatory requirements.

How does the continuing obligations feature work?

This feature allows you to input details of past and new loans, and it will automatically generate the necessary minutes and drawdowns, streamlining the loan management process.

Can I get an overview of my loan structure?

Yes, the template provides a concise summary of your updated loan structure, aiding in better decision-making.

How long does this document take to assemble?

Depending on the complexity of the data, this document should take approximately 5-10 mins to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts.