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Tax advice for shared-property organisations — Tax adviser

Identify the taxpayer connected with the shared property: the owners organisation, management business or an individual owner. Describe the activity, transaction and reporting period, and specify the tax advice or reporting support needed. Keep the records of distinct clients separate.

Service scope

Tax advice or reporting support for an identified taxpayer associated with shared-property ownership or management. The engagement distinguishes a management business from an owners organisation and from individual owners, then scopes the relevant activity and documents.

What is normally included

  • Establish the taxpayer and property-related tax brief
  • Review the relevant records and activity
  • Provide agreed advice or reporting support for the identified client

What is not included

  • No assumed exemption or common taxpayer status
  • Assuming an owners' association is a trading manager
  • Automatic tax exemption claims
  • Consolidating owners' affairs without authority

Typical tasks

  • Establish the taxpayer and property-related tax brief
  • Review the relevant records and activity
  • Provide agreed advice or reporting support for the identified client
  • Separate the records of the identified taxpayer from those of owners or the manager
  • Document information gaps that must be addressed before the agreed reporting work

What to include in your brief

  • Taxpayer and jurisdiction
  • Activity, transaction and period
  • Advisory/filing scope
  • Relevant accounts, invoices and prior correspondence about the tax matter
  • Filing dates or other deadlines and existing adviser arrangements

Choosing the right professional

Select an adviser for the actual entity and jurisdiction. Ask which records and outputs are covered rather than assuming a shared-property label establishes an exemption or common tax position.

Important considerations

  • Mixing records of owners and management businesses can distort the brief
  • Additional activities or jurisdictions can require a different engagement

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