Is your strata property generating income from a lease? If the answer is yes, then you will likely be getting ready to prepare all of your income records for lodgement with your tax return.
You will also be gathering all of the associated expenses that are deductible for tax purposes which in most cases includes levies paid!
To access your levy statement with tax information you require, there are a few options depending upon your Body Corporate administrator. If you are an Archers client, we provide easy access via our Client Info Portal which can be accessed in a single click Here.
If an online option isn’t available via your Body Corporate administrator, you will need to submit a request via the secretary or Body Corporate administrator if in place, seeking a copy of your levy statement for the prior financial year, or greater if not already claimed. If you have kept your levy notices previously received, these will also be sufficient, however in all instances, you should seek independent accounting advice specific to your personal circumstances.
And since we are talking about finance, if you want to get some tips on budgeting in strata read our prior article which explains the different funds and how to stay ahead of strata costs Here. Again we recommend that you seek independent accounting advice specific to your needs and can find professionals with strata industry experience Here.
For any further tips or assistance, please leave a comment below and we will be in touch.
This article was contributed by Aaron Margaritis, Partner and CFO – Archers the Strata Professionals.