Yes tax returns for our Unit plan in the ACT often seem to wipe out any small gain we get from interest. A Strata plan is a Company for tax purposes, so most accountants prepare a comany tax return, and charge accordingly.
I have tried to get our strata manager and Comitte to lodge the ATO provided short strata return form (Search for Strata Tax return on the ATO website) which is usabe if your strata plan has simpe tax affairs – such as only income from interest. To my thinking it would be maybe 15 minutes work for the treasurer to complete and post it in. But I have not managed to convince the rest of the committee to take this approach.
So we have a tax return eery year where the accountant cost deduction almost exactly matches the amount of interest earned.