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  • Calculation statement

    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

    Note: labels A, T5 and I of the calculation statement are mandatory labels (label I has already been completed for you).

    Taxable income

    At A write the amount shown at T Taxable income or loss item 7. If the amount at T item 7 was a loss, write ‘0’ at A.

    This label is mandatory. You must include an amount at this label even if it is zero (if zero write 0).

    Gross tax

    At B write the amount of tax payable before the allowance of any credits. The standard company tax rate is 30%, therefore multiply the amount at T item 7 by 30% (or use 28.5% if you believe you satisfy the small business eligibility rules) and write this answer at B. If A was ‘0’, write ‘0’ at as well.

    Tax payable

    At T5 write the amount shown at B Gross tax.

    This label is mandatory. You must include an amount at this label even if it is zero (if zero write 0).

    Tax withheld from interest/investments

    At H4 write any amounts deducted from investment income because a TFN was not provided to the investment body.

    Eligible credits

    At H write the amount shown at H4 on this calculation statement.

    Tax offset refunds

    Label I has been pre-filled with ‘0.00’ as tax offset refunds cannot be claimed in the Strata title body corporate tax return 2016. It is generally not expected that a strata title body corporate would be entitled to claim any refundable tax offsets resulting in tax offset refunds. A company entitled to tax offset refunds must lodge a Company tax return 2016.

    Pay as you go (PAYG) instalments raised

    At K write any PAYG instalments that have been raised for the current year tax liability.

    Amount due or refundable

    To calculate the amount at S, add H and K, then subtract the total from T5.

    • If the amount at S is positive, that amount is payable by you
    • If the amount at S is negative, that amount is refundable to you

    Hours taken to prepare and complete this tax return

    We are committed to reducing the costs involved in complying with your tax obligations. By completing J you will help us to monitor these costs as closely as possible. Your response is voluntary.

    When completing this item consider the time, rounded to the nearest hour, that was spent:

    • reading the instructions
    • collecting the necessary information to complete this tax return
    • making any necessary calculations, and
    • completing this tax return or putting the tax affairs of the strata title body corporate in order, so that the information could be handed to a tax agent.

    Your answer should relate only to the time the strata title body corporate and tax agent (if you have one) spent preparing and completing the tax return, including the time of any unpaid helpers. Tax agents preparing this tax return on behalf of their client should consult with them to obtain a reliable estimate.

    Declaration

    The public officer is responsible for doing all things required by the company under section 252 of the Income Tax Assessment Act 1936 or the Regulations. In case of default they are liable to incur the same penalties. For example, the public officer is responsible for lodging the company tax return. If the tax return is lodged late the public officer may be liable for a penalty for failure to lodge on time.

      Last modified: 12 Feb 2019QC 48238