• Strata title body corporate tax return 2002

    Copies of this tax return

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    If you need to use the Strata title body corporate tax return, you can download the 2002 tax return.

    Strata title bodies corporate instructions

    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, Taxation Determinations TD 93/7, TD 93/73 and TD 96/22.

    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 2002. You cannot complete your tax return using the Strata title body corporate tax return 2002.

    Completing the tax return

    Page 1

    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 for the following items:

    • Current postal address
    • Postal address on previous tax return

    Location of Strata title body corporate

    Show the street address of the body corporate.

    Final tax return

    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 on page 1 of the Strata title body corporate tax return.

    Calculation of total profit or loss

    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, depreciation of personal property and fees for the preparation of tax returns are deductible in the same proportion as interest bears to total receipts.

    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.

    Total profit or loss-show at label T the amount shown at label R- Operating profit or loss.

    Reconciliation to taxable income

    Taxable income or loss-show at label T the amount shown at Item 6, Total profit or loss-label T. This amount is also shown at label A-Taxable or net income in the Calculation statement.

    Calculation statement

    Taxable or net income-show at label A the amount shown at label T-Taxable income or loss at Item 7.

    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.

    Instalments paid-show at label T any instalments that have been paid 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. 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.

    Public officer

    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.

    Hours taken to prepare and complete this 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.

    Note:

    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 agent note: If you are preparing this tax return on behalf of your client, consult with them to obtain a reliable estimate.

    ATO locations and where to lodge your tax return

    To locate a tax office shopfront refer to Visit us.

    Do not mail payments to these addresses-see Payment options.

    If you have an enquiry, we can usually assist you faster by telephone. Refer to Your Helplines for further information to find the correct number to ring.

    Payment options

    To make a payment electronically your electronic funds transfer (EFT) code is found immediately above the bar code on your payment advice. For more information or to request an EFT code phone 1800 815 886. When companies make a payment using a pre-identified payment advice, this must be attached to the payment.

    You can make payments by one of 5 methods.

    • Direct credit, by arranging to have your payment credited to the ATO electronically, via a desktop banking package. Use the following information to transmit a payment to the ATO's bank account:

    Bank Reserve Bank of Australia
    BSB No 093 003
    Account No 316 385
    Account Name ATO EFT Deposits Trust Account

    Record your EFT Code in the Direct Entry System (DES) Lodgment Reference Field.

    • Direct debit, by authorising the ATO to debit your nominated financial institution account (savings or cheque accounts only) for your payment.

    This method can only be used through a tax agent or accountant authorised to use the Electronic Lodgment Service (ELS). The completed Direct Debit Request (DDR) must be received by the ATO at least 5 working days before the first direct debit is due. Once the ATO processes your DDR, payment details or recurring tax liabilities must be provided to the ATO by your agent or accountant no later than 3 working days before the due date.

    • BPAY, using the phone or Internet. Contact your financial institution and follow the prompts. Your nominated account must be a cheque or savings account. Enter the ATO's biller code (75556) and your customer reference number (your EFT code). A receipt number is issued which is your record of payment.
    • By mailing your payment to the address printed on your pre-identified payment advice. Where a pre-identified payment advice is not available, payments can be mailed to either of the addresses below. Include your full name, address, telephone number, type of payment and ABN or TFN.

    New South Wales, Australian Capital Territory and Queensland clients mail payments to:

    Australian Taxation Office
    Locked Bag 1793
    Penrith  NSW  1793

    All other clients mail payments to:

    Australian Taxation Office
    Locked Bag 1936
    Albury  NSW  1936

    Cheques and money orders are made payable to the Deputy Commissioner of Taxation with Not negotiable printed across the cheque. Tender all cheques in Australian currency. Do not send cash by mail. Do not use pins, staples, paper clips or adhesive tape.

    • In person at any Australia Post agency, by cash, money order or cheque. A $3,000 cash limit applies. You must present your pre-identified payment advice when making a payment. A receipt is issued. Australia Post do not accept a photocopy of a pre-identified payment advice.

    Note: Australia Post do not accept a photocopy of a pre-identified payment advice.

    For more information on any payment method:

    Phone: 1800 815 866
    Email: acmshelpdesk@ ato.gov.au
    Internet: www.ato.gov.au

    Your Helplines for further information

    Publications, taxation rulings, forms and enquiries are available through the following services:

    Tax agents please use the following numbers:

    Order ATO publications

    Publications distribution service by fax-1300 361 462

    If you have a query on your order status, phone 1300 362 883

    Non tax agents please use the following numbers:

    Publications distribution service-1300 720 092

    From July until the end of October, this service operates from 8.00am to at least 10.00pm on weekdays and from 10.00am to 5.00pm on weekends-AEST. From November to June, the normal operating hours of the distribution service are 9.00am to 7.00pm on weekdays; the distribution service will not operate during weekends.

    Before you phone, check to see if there are other publications you may need-this will save you time and help us.

    This distribution service is not run by ATO staff. Your tax questions cannot be answered on this number.

    Website-ato.gov.au

    The Internet site at www.ato.gov.au gives access to ATO publications and general information on tax matters, 24 hours a day, every day.

    a FAX from TAX-13 28 60

    If you have access to a fax machine, tax information is available 24 hours a day, every day. When you phone, follow the instructions to obtain a list of available documents.

    Business tax reform infoline-13 24 78

    This service operates from 8.00am to 6.00pm Mon-Fri.

    The Internet site at www.taxreform.ato.gov.au gives access to business tax reform information 24 hours a day, every day.

    Superannuation enquiries-13 10 20

    For assistance with all your superannuation enquiries.

    Business infoline-13 28 66

    Notify the ATO of the amount of tax instalments deducted from employees every quarter to avoid a penalty for failure to notify, even if you cannot pay the full amount by the due date.

    Phone this number also for information on the general interest charge.

    If you are unsure whether you need to lodge a return or you want to know where or when to lodge a return.

    If you need information on the ABN, how to apply for one or assistance in completing an application.

    ATO account management line-13 11 42

    If you cannot pay your tax debt contact the ATO on this number to avoid action being taken to recover the debt.

    General enquiries-13 28 61

    This helpline is for tax questions on topics other than those already described.

    Translating and interpreting service-13 14 50

    If you do not speak English and need help on tax matters, this service sets up a 3-way conversation between you, an interpreter and a tax officer.

    Hearing or speech impairment-13 25 44

    If you have access to appropriate TTY or modem equipment, contact the Australian Communication Exchange National Relay Service on 1300 130 478. You will need to quote one of the helplines listed on this page. The relay service will then connect you with a tax officer.

    Last modified: 20 Jan 2017QC 27434