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 […]
Some Body Corporate Managers make it very difficult for lot owners to gain access to other lot owner contact details. This month, we helped an owner who was in just that situation. Simply write to the Committee (c/o the Body Corporate Manager) and state that in accordance with Section 205 of the Body Corporate Act, you request […]
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 […]
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 […]