#21078
Jimmy-T
Keymaster

    @PeterC said:
    Note, Whale has it the wrong way around. ‘in trust’ lets income be done simply, once on the OC tax return equitably with benefit to all owners through lower levies in proportion to unit entitlements. Having each owner required to declare their little bit is what you want to avoid.

    Peter, you’re back!  We were about to send out search parties.

    Re Whale’s position on taxable income, I believe there is a quirk in the NSW strata laws that means that income to the building has to be notionally distributed to owners as a pro-rata individual benefit (although it requires a unanimous vote of the owners to actually put the money in their accounts).

    I hadn’t heard of the “in trust” angle – and I would love to know more if it means the Owners Corp can be taxed as a body for benefits it receives, rather than individuals being taxed for money they never see.  Anyone else know anything about this?

    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.