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.   Read the article………………………………