Calculation of total profit or loss

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

Complete the following labels where applicable.

Gross interest

Show at label F the amount of interest received or credited during the income year.

Exclude interest received as a result of the late payment of levies by proprietors.

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, access fees, except where received from a proprietor.

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, other than excluded interest, or other income derived by the strata title body corporate as shown at labels G and R.

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.