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  • Completing the 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

    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.

    Last modified: 02 Oct 2019QC 27434