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 strata title 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 by-laws?
- Taxation Determination TD 96/22-Income tax: does the interest payable on late levies represent assessable income of a body corporate?
These publications are available from the Tax Office.
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
- to make an interposed entity election
use the Company tax return 2004. You cannot complete your tax return using the Strata title body corporate tax return 2004.