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A strata title body corporate is deemed to be a public company for income tax purposes and is required to lodge an income tax return when it has derived assessable income or when requested by the Commissioner.

Assessable income of a body corporate is income derived from non-mutual sources. Non-mutual sources includes interest and dividends from invested funds and fees from non-proprietors for access to books etc.

Assessable income does not include mutual income. Mutual income is proprietors' levies or contributions towards administrative and sinking funds. ( See IT 2505 for a full discussion of the mutuality principle and apportionment of expenses between mutual and non-mutual income. )