What is a “Body Corporate Debt”?
A body corporate debt is an amount owed by a lot owner to the body corporate. Knowing what counts as a debt, the consequences of non-payment and the…
Body Corporate Tax: Mutual and Non-Mutual Income
Tax time requires bodies corporate and their managers to consider their compliance responsibilities. Income treatment can depend on how money is received…
Rate Rises for Brisbane and Gold Coast
Council rate changes affect homeowners, landlords and residents planning their household or property costs. The available official material does not…
Can Your Body Corporate Reduce Levies?
Body corporate levies fund the budgets that pay for shared services, insurance, maintenance and future capital works. If owners are facing financial…
Understanding Your Body Corporate Levies
Body corporate levies are the contributions lot owners make towards the costs of running, maintaining and planning for their scheme. Understanding what they…
Hynes Legal: Body Corporates Must Secure Agreement Before Extra costs
Three things to know about recovering costs: Only levies and levy-related charges (like interest) can be included in a levy notice to lot owners. Payment for extra services should be agreed with lot owners before the service is provided. Signed agreements are best administrative practice. Levies are to benefit everyone Recovering costs from lot owners […]
Tax Time Advisory for Strata Landlords: A Call to Action from the ATO
The Australian Tax Office (ATO) has issued a critical reminder to ensure accuracy during tax return submissions. Alarmingly, recent data reveals that nine out of every ten rental property owners are making errors in their tax returns. In a recent announcement, the ATO highlighted its primary focus areas for this tax year, specifically targeting landlords […]
Body Corporate Levies: Factors That Influence Costs and Why Comparisons Are Challenging
Every owner in a body corporate is required to contribute to levies, making these contributions a common point of comparison—whether it’s between neighbours in the same complex or friends and family in different suburbs. Despite similarities in properties, there are always differences: the nature of the complex, the number of lots, the building’s history, and […]
Navigating the Cost-of-Living Crisis in QLD Strata
Apartment owners are facing unprecedented challenges. The past year has seen a surge in the cost of living, with the highest spikes in rent, energy, health, and insurance prices. At Stratacare, we recognise the pressing need to address these concerns and provide practical solutions for QLD apartment owners. Understanding the Common Concerns: Rising Rents: The […]
How To Reduce Your Strata Levies
As cost-of-living pressures mount, cutting back on your strata costs could be a keyway to save money. Body corporate communities in Queensland face the challenge of reducing strata levies while maintaining the quality and upkeep of their properties. Prudent strata managers and committees know that responsible fiscal management is the foundation of a well-functioning Body […]