#58186
Jimmy-T
Keymaster

    …as far as I can see he did not say anything about interest income from owners corp funds .

    That may be because it’s pretty obvious. Have a look at this ATO form, section 6, where it asks the owners corps accountant or treasurer to include “the amount of interest received or credited during the income year.” That figure is then added to the total assessable income for the year.  It’s taxable income – end of story (and of discussion).

    To get back to the original question, how much money would a strata scheme need to have sitting in the bank to make accruing interest at current rates worth paying an accountant to lodge a tax return and then calculate the income apportioned to each owner?

    A lot more than most schemes have, would be my answer.

     

     

    The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.