Thanks Austman. D1 became 3.
I am not an accountant. Perhaps you should seek advice from an accountant.
It is my understanding that ‘Bodies corporate’ are just another name for ‘strata’.
The definition of a strata title body from the Ruling is below. Please note particularly Section (8):
Strata title body
6. The term ‘strata title body’ is a reference to a body corporate
created on registration of the strata scheme under the relevant State
and Territory Acts.
7. The strata title body is constituted by the proprietors but is a
separate legal entity with specified powers, authorities, duties and
functions. Though these powers, authorities, duties and functions
vary under the different State and Territory Acts, generally they
include:
• the power and authority to impose a levy on the
proprietors, to make by-laws, to carry out necessary
work, to invest and to borrow
• the duty and function to control, manage and
administer the common property, to maintain the
common property and keep it in a good state of repair,
to effect insurances on the building and common
property and to keep records and books of account.
8. A strata title body may also be called a ‘strata title body
corporate’, ‘body corporate’, ‘strata corporation’, ‘owners corporation’
and ‘community corporation’.
It is my understanding that Levies are generally excluded from the definition of taxable ‘income’ under the principle of mutuality.