Taxation Ruling

IT 2505W - Notice of Withdrawal

Income Tax : Bodies Corporate Constituted Under Strata Title Legislation

• Please note that the PDF version is the authorised version of this withdrawal notice.
  Note: This ruling contains references to State and Territory statutes that are no longer current. Care should be exercised to ensure that the principles set out in this ruling are applied in the context of the relevant current State or Territory law.
  Note also the following ATO Interpretative Decisions have been published in relation to strata title common property: ATO ID 2003/224; ATO ID 2003/225; ATO ID 2003/226; ATO ID 2003/227; ATO ID 2003/228; ATO ID 2003/229; ATO ID 2003/591; ATO ID 2003/592.

NOTICE OF WITHDRAWAL

Taxation Ruling IT 2505 is withdrawn with effect from today.

1. IT 2505 examines the income tax treatment of bodies corporate constituted under the strata title legislation of the various States and Territories and explains the assessability of income and deductibility of expenses with reference to key features of these arrangements, namely common property and the personal property of the strata title body corporate.

2. IT 2505 refers to State and Territory strata title legislation which is no longer current.

3. IT 2505 is replaced by draft Taxation Ruling TR 2015/D1 Income tax: income tax matters relating to bodies corporate constituted under strata title legislation which issues today.

Commissioner of Taxation
25 March 2015

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

References

ATO references:
NO 1-6G6G7B8

Date of effect:
Immediate

Subject References:
ASSESSABLE INCOME - BODIES CORPORATE
DEPRECIATION - COMMON AND PERSONAL PROPERTY
REPAIRS - COMMON AND PERSONAL PROPERTY
OTHER EXPENSES - PAID BY BODY CORPORATE OR PROPRIETORS
INVESTMENT ALLOWANCE - COMMON AND PERSONAL PROPERTY
CONTRIBUTIONS - TO BODIES CORPORATE BY PROPRIETORS

Legislative References:
6(1)
19(1)
25(1)
44(1)
51(1)
53
54
82AA
82AB
82AC
82AD
82AE
82AF
82AG
95
97
98
103A(5)

Case References:
Case U57
87 ATC 370