Banking: KIS

Recently we received a new client using three different bank accounts. One for levies, one for admin fund and one for sinking fund. Hundreds of transactions between three different accounts quickly pile up into a complicated tangle that will take ages to unravel come EOFY. This system is both complex and unnecessary! With sophisticated software […]

Settlement

New lot owners are often confused by the settlement process between buyer and seller and what happens with levies and lot ledger balances.  The BCCM regulations state S79 (Small Schemes Module) and S145 (Standard Module) that – A liability to pay a body corporate debt in relation to a lot is enforceable jointly and severally against […]

Bodies Corporate and GST

I was reminded this month of the situation of Bodies Corporate and GST obligations.  Bodies Corporate are considered to be non-profit bodies for GST purposes, providing that they do not have any intention to distribute interest or other income to members.  A new Body Corporate that satisfies this test need not register for GST unless the GST […]

DIY Body Corporate and BPAY for levy payments

A Body Corporate Secretary in Innisfail recently asked me why we have not included BPAY as a payment option within the DIY-BC system.  BPAY could easily be integrated into the system but the issue is one of bank expenses for the Body Corporate which many small Bodies Corporate can not justify.  Firstly, there is a bank […]