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  • 6 Calculation of total profit or loss

    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

    Income

    Complete the following labels where applicable:

    Gross interest

    At F show the amount of interest received or credited during the income year.

    Exclude interest from proprietors for late payment of levies.

    Gross rent and other leasing and hiring income

    At G show the total of these types of income received.

    Individual proprietors may be taxed on this type of income - see Taxation Ruling IT 2505.

    Other gross income

    At R show other income - for example, inspection fees, access fees, except where received from a proprietor. Do not include receipts that are subject to the principle of mutuality.

    Total income

    At S show the total of amounts shown at F, G and H.

    Expenses

    Expenses in earning income

    At S show expenses incurred by the strata title body corporate in deriving its assessable income. You may need to apportion some expenses - for example, if an expense relates to both assessable income and receipts that are subject to the principle of mutuality (which are not assessable). See Taxation Ruling IT 2505.

    Total expenses

    At Q show the amount shown at S Expenses in earning income.

    Profit or loss

    Operating profit or loss

    At R show the amount at S Total income minus the amount at Q Total expenses. This is the net amount of income received by the strata title body corporate during the income year, and does not include receipts subject to the principle of mutuality. If this amount is a loss, print L in the box at the right of the amount.

    Total profit or loss

    At T show the amount shown at R Operating profit or loss. If this amount is a loss, print L in the box at the right of the amount.

    Last modified: 14 Sep 2012QC 18005