A loan agreement is an agreement between two parties whereby one party (usually referred to as the ‘lender’) agrees to provide a loan to the other party (usually referred to as the ‘borrower’).

A Division 7A loan agreement is a loan agreement that covers certain payments or loans that are made or debts that are forgiven by a private (i.e. proprietary limited) company, and would otherwise be treated for tax purposes as assessable income of the recipient.

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LegalVision’s LVDox™ Free Division 7a – Loan Agreement sets out:

  • a basic interest clause;
  • a basic repayment clause; and
  • basic costs and expenses, amendments, waiver and governing law clauses.

If your loan arrangement is more complex, then it’s important that you have a lawyer assist you draft the following clauses:

  • a sophisticated dispute resolution clause; and
  • additional provisions in related to the rights, responsibilities and obligations of the partners, particularly if agreement has been reached on particular issues.

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