› Flat Chat Strata Forum › Finance, budgeting and loans › Taxation – Deduction of repair costs › Current Page
The investors would only be able to claim any deduction if they contributed funds to cover the expenses. If the funds to pay the legal fees came out of the existing fund, (the standard levies contributed) the no additional tax deduction can be claimed. You can claim the quarterly levies as normal, but not the expenses of the Strata if no additional funds were contributed. No contribution no deduction.
If funds were contributed to cover the expenses generally only the legal fees portion of the contribution are tax deductible. Under the tax act fines are not an allowable deduction, but you may want to check this as this area of the tax act is always changing.
if you have an accountant I would check with them first before claiming anything.