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:
- Taxation Ruling TR 2015/3 Income tax: matters relating to strata title bodies constituted under strata title legislation