Financial Management

The contributions are otherwise known as the body corporate levies. The size and the frequency of the contributions required to properly manage the common property of ...continue reading Contributions

The amounts of each lot owner’s contributions for the administration fund, insurance fund {if required} and sinking fund are set in accordance with the lot entitlements ...continue reading How the Contributions are Set

Contribution Lot Entitlement The Contribution Lot Entitlement for a lot is appropriately calculated as an estimate of the relative amount of expenses either caused by ...continue reading Calculation of the Lot Entitlements

The periodic tax invoice from the body corporate to the lot owners is called the contributions notice. The notice will provide for a "Payment Due" date.  This means ...continue reading The Contributions Notice

Most bodies corporate decide at a General Meeting whether to allow a discount for prompt payment of the body corporate contributions and also, whether an interest ...continue reading Discount and Penalty Interest on Contributions

Contribution payment options are on the “tear-off” portion located at the bottom of your notice of contributions. They are: Pay by cash, cheque or eftpos at the post ...continue reading Paying Body Corporate Contributions

If either on holiday or living permanently overseas, your most secure and best options for paying your contributions are to pay by credit card or the use of phone ...continue reading Payment of Contributions while Overseas

From time to time some owners fail to pay the body corporate contributions. In these circumstances the body corporate may be forced to take recovery action that can ...continue reading Recovery of Contributions

Any unpaid contributions are recorded as a debt on the levy account for the respective lot. This means that when a new owner purchases a lot in a community title ...continue reading Contribution Unpaid Amounts Attach to Lots

Body Corporate Managers are to ensure that all statutory taxation obligations of the body corporate are complied with each financial year (In Australia this period is ...continue reading Taxation

 A recent CPA article noted the following:  "The ATO has recently highlighted business activity statements as one of their areas of focus, so it's imperative you ...continue reading Body Corporate and BAS

The financial statements provide an itemised report of the body corporate’s financial position at a particular time or for a particular period. A body corporate is not ...continue reading Understanding Your Financials

Each year at the AGM the body corporate must decide whether it will have its books and records for the coming year reviewed by a properly qualified auditor.  Schedule 6 ...continue reading Audits

All amounts collected, other than sinking fund amounts, are to be paid into the administrative fund. The administrative fund is to be used for the expenditure incurred ...continue reading Administrative Fund

The sinking fund is the contributions collected specifically for spending of a capital or non-recurrent nature and also for the periodic replacement of major items of a ...continue reading Sinking Fund

On 30th August 2008 the regulations changed for Committee expenditure, the Relevant Limit for Major Spending and Improvements to Common Property. Additional ...continue reading Body Corporate Spending

If a body corporate has engaged a contractor to carry out construction work, including building, civil engineering, electrical, hire of plant/equipment, landscaping, ...continue reading Withholding Payment for Construction Contract Works