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As usual, I have some further questions – this forum is such a help to me.
Our strata plan is small (4 townhouses) and does not have a lot of common area and is not complicated.
We have been paying $120 for a tax return preparation for 5 years, not however in 2012/13 albeit the amount was in the budget – with no explanation why not. I have never seen a tax return or any indication of interest on our sinking funds.
My questions,
Should copies of the tax returns be distributed to the EC?
Our funds are held in the agent’s trust account – is interest paid on funds in a trust account? If so who get the interest?
Should I question the need for a tax return given JimmyT and PeterC’s responses?