The ATO has released guidance on the changes to Limited Recourse Borrowing Arrangements (LRBAs) on the new LRBA rules ahead of their 10 August commencement date, providing important clarification on how the transitional rules will operate.
Importantly, the ATO new guidance clarifies the treatment of off-the-plan purchases, confirming that transactions can remain protected where a binding contract has been exchanged before 10 August, even if finance approval, settlement or entry into the LRBA occurs after commencement.
Detailed guidance can be found here.
Disclaimer – The content has been prepared by Redwood Advisory Pty Ltd without taking account of the objectives, financial situation or needs of a particular individual and does not constitute financial product advice. This article should not be considered personal financial advice as it is intended to
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