Construction Costs: Your Quarterly Update – September 2018

Construction Costs: Your Quarterly Update – September 2018

Each year, your body corporate must insure the whole building, including the owners’ lots, for the full replacement cost. An independent valuation must be obtained stating the full replacement cost of the building, at least every five years. The question is, how do you determine the ‘full replacement cost’ in the intervening years? It is…
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Debt Recovery: The Queensland Court of Appeal Speaks

Debt Recovery: The Queensland Court of Appeal Speaks

Last year, a  District Court judge ruled that the usual 6-year limitation period under s.10 of the Limitation of Actions Act 1974 (Qld) does not apply in the face of the specific “2-years and 2-month” rule set out in s.145(2) of the Standard Module.  (see also s.143(2) AM) Refer:  BC for Mount Saint John Industrial…
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Strata Spending – GST May Be the Tipping Point

Strata Spending – GST May Be the Tipping Point

11.1: Spending Controls: GST may be the tipping point Many questions should be considered before approving any expenditure. Understandably, the BCCM legislation places many checks and balances on the expenditure of owners’ funds, whether it be from the administrative fund or the sinking fund. Both the body corporate and the committee are subject to a…
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Contingency Planning in Sinking Fund Forecasts

Contingency Planning in Sinking Fund Forecasts

22.1: Sinking Fund Analysis [SFA] & Contingency Forecasting We’ve Always Done It This Way It is a long-standing practice for valuers and quantity surveyors to include provision for ‘contingencies’ in their 10-year Sinking Fund Analysis Forecasts [SFAF].  It is included in each year of their forecast, generally about 10% of the averaged contributions over the…
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