1.1.L.65 Loan (assets test)
This definition applies to all payments subject to assets testing provisions.
To be a loan there MUST be:
- an actual lending of money or an asset (1.1.A.290) of a particular value, AND
- a clear intention to repay.
A loan is:
- an advance of money, or
- the payment of an amount for, on account of, on behalf of or at the request of a person where there is an obligation, whether expressed or implied, to repay the amount.