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Do strata corporations need to file income tax returns? Yes. All strata corporations must file an income tax return each year, whether they pay taxes or not.
Does a strata company need an ABN and / or TFN? Strictly speaking, there is no express requirement for a strata company to obtain an ABN and / or a TFN unless they are required to prepare a tax return* or register for other taxes (eg: GST). That being said, there can be consequences for not having them in place.
If an owners' corporation is registered for GST, the fees or levies it charges members will include GST \u2013 for example, for car parking, ongoing maintenance or administration. It can also claim GST credits on purchases made relating to maintaining and administering the property held in common, such as: electricity.
Instructions and tax return Strata title bodies corporate are treated as public companies under the tax law and must lodge a tax return for any year in which they derive assessable income.
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