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Posted 08 September 2020
The ATO has clarified its position regarding a number of income tax issues pertaining to bodies corporate constituted under strata title legislation, issuing taxation ruling TR 2015/3. TR 2015/3 replaces the earlier draft ruling TR 2015/D1. The ATO considered numerous submissions and comments in relation to the draft ruling and made a number of changes in the final ruling, but these in virtually all cases involved clarifications and reframing of examples.
TR 2015/3 represents the ATO’s current position regarding the assessment of income and the deduction of expenses.
The position will differ between States, which are different strata title legislation and these comments reflect the position in New South Wales. The key points are as follows:
***The information contained in this article is general information only and not legal advice. The currency, accuracy and completeness of this article (and its contents) should be checked by obtaining independent legal advice before you take any action or otherwise rely upon its contents in any way.