We recently added support for levy payment by BPAY for our DIY bodies corporate. However, the issue of bank expenses for the body corporate will be difficult to justify for many small bodies corporate. Firstly, there is a bank setup fee, typically $150. Then there are monthly banking charges, typically $10 per month. Lastly, there are individual transaction […]
Banks generally do not charge a transaction fee when depositing money into a bank account by cheque or by cash at a branch of the bank. In our case, we use Macquarie bank and the DEFT system for our fully managed and bookkeeper clients. Macquarie bank does not have their own branch network and uses the Australia […]
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 […]
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 […]