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 […]
Bodies Corporate receive a yearly land valuation notice. Whilst a Body Corporate does not usually pay rates, individual lot owners will receive rates for their lot based on a yearly revised valuation notice that is sent to the Body Corporate. The notices are normally sent to the address for service recorded with the Titles Office. However, the government […]
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 […]
Generally, we use an accredited valuer to make sinking fund forecasts for a Body Corporate that we fully manage. Sometimes, we encounter committees and lot owners who disagree with the forecast that has been prepared. It is quite acceptable for a committee, that feels competent to assess the sinking fund outlays that might occur on their property […]
We gained a new client this month – a small three lot townhouse complex in Ashgrove. The retiring Body Corporate Manager was unresponsive to their needs. An existing one year management contract was about to expire and the lot owners wanted to change management. AGM documentation had already been issued proposing the existing Body Corporate Manager to […]
A friend of mine is a Body Corporate Manager for a small commercial Body Corporate in regional Queensland. When the Body Corporate was established, some years ago, the original owner secured a lease with an independent supermarket. The lease covers four of the lots that are now owned by three separate parties. The internal walls for the four […]
Recently, we registered a new CMS for a Body Corporate client in Brisbane. It was very important for the client to know the exact date that the new CMS was recorded. The current BCCM Act states that a new CMS comes into effect on the day that the CMS is recorded by the Titles Office (see Section […]