Further to @Quirky’s comment that
As I understand it (and this is still and area I am very hazy about), paying money to the OC’s account will trigger tax provisions about this money being “non-mutual income”, which the Tax Office regards as money that reduces all lot owners’ levies, divided according to their unit entitlements. So all the owners should declare this non-mutual income in their personal tax returns each year
Based on my experience helping out a senior citizen with her strata matters, I wish to confirm that he is correct.
Money received by an OC from the leasing of common property is considered as “income” to the strata scheme and is apportioned by unit entitlement (in theory but not actual) to lot owners who have the obligation to list their portion of the proceeds received by the strata as income in their tax return at ITEM 24 (other income).
The relevant ATO word on the matter is tax ruling TR 2015/3.