#58147
strataact
Flatchatter

    We had a similar situation in our ACT Strata Plan.  If the interest earned – Account fees – Tax is not positive there is not point in having an investment account.

    From the simple numbers you have presented you should be marginally positive.  If the $180 is tax at 30%, that suggests your gross income should be something like $850 – $250 (Tax agent fee) =  Net income $600 – Tax $180, for a net benefit to the scheme of $420.

    The other item I have tried unsuccessfully to do in our scheme is to have our committee self prepare our simple tax return using the ATO short form for Strata Schemes as on the ATO website here.

    https://www.ato.gov.au/Forms/Strata-title-body-corporate-tax-return-and-instructions-2021/

    But I have not managed to convince them.  Note using this would depend on the size and complexity of your scheme.  I think it works for small schemes with interest only income. If you have other income sources, employees/building managers or are GST registered you would I think need an account.