› Flat Chat Strata Forum › The Professionals › SCs and strata managers › Procedure for strata plan re income tax returns › Current Page
Missy is spot on in saying that “they maybe changing you hundreds of dollars for something that takes minutes.”
Our strata has a small amount of interest so we must lodge a tax return. For tax purposes we are a company and need to lodge by the following January (I think). I prepare and lodge our strata’s return. Besides the front page I only really have to fill out 1 label in the return.
As for the need to lodge returns at all, from my knowledge Missy is also correct.
I know of a few stratas who put their money in non interest accounts on the basis that while the strata may earn $200 in interest accountants charge $250 to prepare and lodge a return!
The only other point I would note is that income includes charges to outsiders eg prospective purchasers for inspection of book etc.