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I don’t claim to be fully up to date on this. My understanding from reading a few years ago is that you need to look at a tax ruling on strata income. It is readily available but I don’t have it at my fingertips.
Some sorts of income is taxed at the level of the OC, which pays at the company tax rate. Levy income is not taxed because the levy is money paid by the owners to the owners corporation in proportion to unit entitlements and the sum of the owners in proportion to unit entitlements is identical with the composition of the owners corporation ie. this is our money that we are paying to ourselves.
However, a third class of income is taxed at the level of the individual owners. I suspect that renting out common property wall space for a billboard would be in that category. For that income, the OC would have to tell the individual owners what their share by unit entitlements is out of the total income and then the individuals should declare their portion on their individual tax returns. Consequently, a unit owner paying a low marginal tax rate might benefit more than a person on a higher marginal tax rate. Since there would probably be little or no costs involved to the OC, the differential benefits might not matter – everybody gets something, which is better than nothing and it costs you nothing. If the income-earning thing required a substantial investment out of OC funds first, then differential benefits, not in proportion to unit entitlements, might be a problem.