IT 2505W - Notice of Withdrawal
Income Tax : Bodies Corporate Constituted Under Strata Title Legislation
Please note that the PDF version is the authorised version of this withdrawal notice.Note: This ruling contains references to State and Territory statutes that are no longer current. Care should be exercised to ensure that the principles set out in this ruling are applied in the context of the relevant current State or Territory law.
Note also the following ATO Interpretative Decisions have been published in relation to strata title common property: ATO ID 2003/224; ATO ID 2003/225; ATO ID 2003/226; ATO ID 2003/227; ATO ID 2003/228; ATO ID 2003/229; ATO ID 2003/591; ATO ID 2003/592.
NOTICE OF WITHDRAWAL
1. IT 2505 examines the income tax treatment of bodies corporate constituted under the strata title legislation of the various States and Territories and explains the assessability of income and deductibility of expenses with reference to key features of these arrangements, namely common property and the personal property of the strata title body corporate.
Commissioner of Taxation
25 March 2015
You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
Date of effect:
ASSESSABLE INCOME - BODIES CORPORATE
DEPRECIATION - COMMON AND PERSONAL PROPERTY
REPAIRS - COMMON AND PERSONAL PROPERTY
OTHER EXPENSES - PAID BY BODY CORPORATE OR PROPRIETORS
INVESTMENT ALLOWANCE - COMMON AND PERSONAL PROPERTY
CONTRIBUTIONS - TO BODIES CORPORATE BY PROPRIETORS
87 ATC 370
AAT Case 44
18 ATR 3279
The Bohemians Club v The Acting Federal Commissioner of Taxation
(1918) 24 CLR 334
Municipal Mutual Insurance Ltd v Hills
(1932) 16 T.C. 43
Faulconbridge v National Employers' Mutual General Insurance Association Ltd
(1952) 33 T.C. 103