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  • Instructions and 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

    Strata title bodies corporate are treated as public companies under the tax law and must lodge a tax return for any year in which they derive assessable income. If your body corporate only derives amounts that are subject to the principle of mutuality, then you do not need to lodge a tax return (these amounts are not assessable income).

    You cannot use the Strata title body corporate tax return 2005 if your body corporate:

    • has net capital gains
    • has losses brought forward from earlier income years claimed as a deduction
    • has overseas transactions or interests, and/or
    • needs to make an interposed entity election.

    In the above situations you must use the Company income tax return 2005.

    Note: If your body corporate has made a capital gain or a capital loss from a transaction in respect of all or part of the common property, the gain or loss is not included in the tax return for the body corporate. Each proprietor or unit owner must include their share of the capital gain or loss in their own tax return based on their proportion of the lot entitlements.

    See also:

    Completing the tax return

    If a payment is due (now or later) or a refund is due, print Y for yes or N for no in the respective payment and refund boxes.

    Print the entity's tax file number (TFN), Australian business number (ABN) and name in the boxes provided.

    Follow the instructions on the Strata title body corporate tax return 2005 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 you consider that there will be no requirements for the strata title body corporate to lodge tax returns in future years, print FINAL in the block provided.

    Last modified: 14 Sep 2012QC 18005