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tax return for strata group

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I manage a 4 unit strata group ,last year my accountant prepared a tax reurn . I beleive a tax return is not necessary . Do I hae to send a final return , or just do nothing

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Hi @kayinbath,

 

Welcome to our Community!

 

Generally speaking, strata bodies are treated as public companies under the tax law and must lodge a tax return, (either a Strata title body corporate tax return or a Company tax return) for any year in which non-mutual income is earned. Non-mutual income includes income that is derived from sources outside that group, such as investment.

 

Strata title bodies corporate are required to lodge an income tax return if they have $1 or more in assessable income. Income from levy payments and contributions are exempt from income tax. If levy payments and contributions are the only income that the entity has received, there is no requirement to lodge.

 

If a tax return is not required the quickest way to report a non-lodgment advice is by phoning us on 13 11 42 between 8am- 6pm, Monday to Friday to speak with an operator. Alternatively a registered tax agent can report this online via the tax agent portal.

 

Thanks.

 

 

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @kayinbath,

 

Welcome to our Community!

 

Generally speaking, strata bodies are treated as public companies under the tax law and must lodge a tax return, (either a Strata title body corporate tax return or a Company tax return) for any year in which non-mutual income is earned. Non-mutual income includes income that is derived from sources outside that group, such as investment.

 

Strata title bodies corporate are required to lodge an income tax return if they have $1 or more in assessable income. Income from levy payments and contributions are exempt from income tax. If levy payments and contributions are the only income that the entity has received, there is no requirement to lodge.

 

If a tax return is not required the quickest way to report a non-lodgment advice is by phoning us on 13 11 42 between 8am- 6pm, Monday to Friday to speak with an operator. Alternatively a registered tax agent can report this online via the tax agent portal.

 

Thanks.