The government has addressed COVID-19 temporary measures to assist lot owners in bodies corporate.
One of those measures requires any penalty interest that would normally be applied to a lot ledger, due to an upaid levy, to not be applied. This measure must be in place from 25th May through to 31st December 2020. After that date, any penalties must again be applied.
The Tracsafe software supports this requirement with clear transparency. The penalty that would normally be applied will continue to be added to a lot ledger during the extent of this measure. However, an additional penalty remission transaction will be also be added at the same time to the lot ledger for the same amount. In this way, lot owners and committees can easily see the impact of this measure.