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Good Afternoon All,
My Strata Plan’s AGM is scheduled for next week. I believe that I am much better prepared as a result of the information which has been provided via this forum. I have just a couple of questions, which the answers to will complete my preparations for the AGM.
Over the last several years our Strata Plan has been charged for the preparation of a tax return. I have never seen a completed tax return, nor has there been a item in the cash management report showing a credit for income, other than the normal levies. In addition the cash management report shows that cash is held in the Strata Manager’s Trust Account. I believe, from information given in previous replies, that it is not necessary for a Strata Plan to complete a return if no income, other than the levies, has been earned. (Taxation Ruling No. IT2505) I believe I would be justified in requesting that the Strata Manager credit the cost of the unwarranted strata plan tax returns to the strata plan. I accept that the chance of success would be marginal.
If I was to request that the Strata Plan’s cash be removed from the Strata Manager’s trust account and deposited in a account for the Strata Plan. Are there restrictions on where the money is deposited and what is a realistic/secure place for and return on the funds?
As always suggestions and/or advice will be gratefully received.
Dudley