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.
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Income
Complete the following items where applicable:
Gross interest
At F write 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 write the total of these types of income received.
Individual proprietors may be taxed on this type of income, rather than the body corporate, where it is income from common property.
Other gross income
At R write the total of other gross income, for example, inspection fees or access fees, except where received from a proprietor. Do not include receipts that are subject to the principle of mutuality.
Total income
At S write the total of amounts shown at F, G and R.
See also:
Expenses
Expenses in earning income
At S Expenses in earning income write the total of all 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).
Total expenses
At Q write the amount shown at S Expenses in earning income.
Total profit or loss
At T Total profit or loss write 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.
See also
Last modified: 27 May 2021QC 64912