We uncovered a tangled web this month. A scheme of townhouses had been developed over an extended period of time. The scheme has a private road and for all intensive purposes all the townhouses seemed similar with no lot fencing but with landscaped grounds surrounding each building on the scheme land. The scheme was not a layered scheme. […]
Good news! Remember our post from a while back that looked at the indemnify clauses that some Body Corporate Managers insert in their contracts. These clauses are akin to a get out of jail free card for the professional advice that a Body Corporate Manager exercises when administering your scheme. Well, the Federal government has been listening. Since […]
In April, we helped a scheme of townhouses where the lots were defined by Standard format (pegs in the ground) and not Building Format. Four of the seven townhouses required major structural repairs that were all related due to a structural steel frame that extended across all four lots that formed a garage for each lot. The […]
Cost conscious Committees may sometimes believe an insurance valuation is unnecessary or they believe their insurer is providing this valuation. The requirement under the Act states an independent insurance valuation must be undertaken once every five years. Insurance companies and insurance brokers could be considered independent, but these organisations do not furnish a Body Corporate […]
Sadly, this month we had to deal with a devastating event when a lot in one of the Bodies Corporate that we manage burnt down. Fortunately, functioning smoke alarms alerted the occupiers to danger and the family exited quickly and safely, immediately calling the fire brigade. The family was shocked at how quickly the fire […]
This month we are working for a new client who until recently owned all the lots in a Body Corporate. The client was not the original owner of the property and the property was at least fifteen years old. In these situations, the existance of the Body Corporate is often ignored and the sole owner manages the […]
Last month, we took over a scheme that was being administered by a well known Brisbane Body Corporate Manager who shall remain nameless. Four of the lots in the scheme were needing major renovation of a lintel that was rusted. The estimated contract works was ~ $70-80,000. The Body Corporate Manager was expecting to raise a special levy […]
When a relationship between a Body Corporate Manager and a Committee breaks down, there is often considerable time and effort expended by both the Committee and the Body Corporate Manager to address the problems. The final outcome is often that any existing contract is discontinued. Committees can get shocked when the records are finally handed over and […]
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 […]
We started to help prepare information needed by a Body Corporate to complete their tax return. The Australian taxation office has recognised that these tax returns are usually very simple and have developed a short form tax return that is very easy to understand and complete. You can download it from here.