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Many people have found themselves confused about what duties fall under the responsibility of the body corporate versus the strata manager. In this article we iron out some of the confusion. The following conclusive list of keys differences between the responsibility of the body corporate and that of a strata manager: The body corporate…
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Striking levies is one thing; getting paid on time is another. Recovering levies from owners is an important role for the Body Corporate and one that should be taken seriously by the committee, taking into account any special circumstances that may arise. The timely collection of levies enables the Body Corporate to comply with its…
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My Office receives a large number of enquiries about a body corporate’s obligations and options regarding its bank accounts. As you might expect, legislative provisions around this topic are quite prescriptive, with the aims of maximising transparency of financial management and ensuring that body corporate funds are optimally – and properly – used. In this…
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Budgeting for expenditure (particularly over the long term) is more an art than a science, but every body corporate must have budgets for their administration and sinking funds. The administration fund should (in theory) zero out every year. You should raise money for the expenditure over the next 12 months, and spend it. You know…
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