Warning: This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
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Strata title bodies corporate are treated as public companies under the tax law and are required to lodge a tax return for any year in which income is earned.
For a full explanation of the tax treatment of Strata title bodies corporate refer to Taxation Ruling IT 2505—Income tax: bodies corporate constituted under strata title legislation, Taxation Determination TD 93/7—income tax: under what circumstances is a body corporate required to lodge an income tax return?, Taxation Determination TD 93/73—Income tax: will a strata title body corporate be taxed as a non-profit company if it includes non-profit clauses in its bylaws? and Taxation Determination TD 96/22—Income tax: does the interest payable on late levies represent assessable income of a body corporate?.
If the strata title body corporate has:
- net capital gains
- losses brought forward from earlier income years claimed as a deduction
- overseas transactions or interests and/ or
- needs to make an interposed entity election
use the Company tax return 2003. You cannot complete your tax return using the Strata title body corporate tax return 2003.
If a payment is due now or at a later date or if a refund is due print Y for yes or N for no in the payment and refund boxes.
Print the tax file number (TFN), the name of the entity and the Australian business number (ABN) of the entity in the boxes provided.
Follow the instructions on the Strata title body corporate tax return 2003 for the following items:
- Current postal address
- Postal address on previous tax return
Show the street address of the body corporate.
If it is considered that there will be no requirements for the strata title body corporate to lodge tax returns in future years, write FINAL in the block provided.
Complete the following labels where applicable:
Gross interest
Show at label F the amount of interest received or credited during the income year.
Gross rent and other leasing and hiring income
Show at label G the total of these types of income received.
Other gross income
Show at label R other non-mutual income—for example, inspection fees.
Total income
Show at label S the total of amounts shown at labels F, G and R.
Expenses in earning income
Show at label S any expenses incurred by the strata title body corporate in deriving its assessable income. Some expenses, such as bank charges, may need to be apportioned—you can claim a deduction only to the extent to which such expenses directly relate to interest or other income derived by the strata title body corporate.
Total expenses
Show at label Q the amount shown at label S—Expenses in earning income.
Operating profit or loss
Show at label R the amount at label S—Total income minus the amount at label Q—Total expenses. This is the net amount of non-mutual income received by the strata title body corporate during the income year. If this amount is a loss, print L in the box at the right of the amount.
Total profit or loss
Show at label T the amount shown at label R— Operating profit or loss. If this amount is a loss, print L in the box at the right of the amount.
Taxable income or loss
Show at label T the amount shown at Item 6, label T. If this amount is a loss, print L in the box at the right of the amount.
Taxable or net income
Show at label A the amount shown at Item 7, label T—Taxable income or loss.
Gross tax
Show at label B the amount of tax payable before the allowance of any credits. The company tax rate is 30%.
Tax payable
Show at this label the amount shown at label B—Gross tax.
PAYG instalments raised
Show at label T any PAYG instalments that have been raised for the current year tax liability.
Tax withheld from interest/investments
Show at label Y any amounts deducted from investments where a TFN has not been provided to the financial institution.
Total of labels T and Y
Show at label R the total of amounts shown at label T and label Y.
Total amount of tax payable or refundable
Show at label S the amount of tax that is payable or refundable.
Note: Payment information
Payments must reach the ATO by the due date. Send your payment to the address on the pre-identified payment advice. If you have not received one see Payment options for payment addresses. Do NOT send your payment with your tax return. Lodgment addresses are listed under ATO locations and where to lodge your return.
The ATO is committed to reducing taxpayers' costs involved in complying with their taxation obligations. By completing label J you will help us to monitor these costs as closely as possible. Your response is voluntary.
When completing this item consider the time, rounded to the nearest hour, that the strata title body corporate spent in:
- reading the instructions
- collecting the necessary information to complete this return
- making any necessary calculations
- actually completing this return and/ or putting the tax affairs of the strata title body corporate in order so the information can be handed to their tax agent.
Your answer should relate only to the time the strata title body corporate spent preparing and completing the tax return, including the time of any unpaid helpers. Tax agents preparing this return on behalf of their client should consult with them to obtain a reliable estimate.
The public officer is responsible for doing all things required by the company under section 252 of the Income Tax Assessment Act 1936 or the Regulations. In case of default they are liable to the same penalties. For example, the public officer is responsible for lodging the company tax return. If the tax return is lodged late the public officer may be liable for a late lodgment penalty.
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Last Modified: Monday, 1 March 2004
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