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  • Body corporate fees and charges

    Attention

    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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    You may be able to claim a deduction for body corporate fees and charges that you incur for your rental property.

    Body corporate fees and charges may be incurred to cover the cost of day-to-day administration or they may be applied to a special purpose sinking fund.

    If the fees and charges you incur include a contribution to a special purpose sinking fund you will only be entitled to claim a deduction for that portion of the fees and charges that relate to the cost of day-to-day administration. This is because payments to a special purpose sinking fund are considered to be capital, or of a capital nature, and are not an allowable deduction.

    If the body corporate fees and charges that you incur are for things like the maintenance of gardens, incidental repairs and building insurance, you cannot also claim for these expenses as part of other outgoings. For example, you cannot claim for garden maintenance as an expense separate from the total body corporate fees and charges if that expenditure is already included in those fees and charges.

    Last modified: 28 Jul 2003QC 16187