Sometimes, we come across the records of a Body Corporate Manager that give real cause for concern. A Body Corporate in North Queensland has recently transitioned to Tracsafe using our Body Corporate Bookkeeping service. When we inspected the minutes of the last AGM as prepared by the prior Body Corporate Manager, we were somewhat alarmed. The financial year stretched from 1st October to 30th November and the Body Corporate had been regularly having three contribution installments per year each spanning a duration of four months. Unfortunately, the levy durations did not fall within the budgeted financial year. This is not in accordance of section 141 of the standard regulations. The solution in this case was to seek a declaration order to move the end of financial year back one month. Lot owners were very accustomed to their four month levy period and the levy due dates which had been set in stone for many years. By changing the date of the end of the financial year, lot owners were not at all impacted with regard levies already issued or unissued. At the next AGM, lot owners will finally vote on motions where levies correctly
reflect the intended budgets.
