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If your strata manager issues a “cash management statement”, every owner should study every transaction. This is where the money is going.
I suggest you look for these two items:
1. Income tax return: For most strata plans, it is NOT necessary to submit an income tax return. ATO has a tax ruling to decide whether it is necessary to submit an income tax return. See TR2015/3 (tax ruling)
In short, if your only income is levy income, you do NOT need to submit an income tax return. This is because levy income is considered mutual income. On the other hand, if you are receiving income such bank account interest or advertising space on your building, that is taxable income.
2. Postage, copying and calls. Ask for a breakdown of these.
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