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 […]
As reported by 7News Gold Coast on February 23, 2018, Gold Coast council appears to be cracking down on people listing their homes on Airbnb without a special license.
19.1: When Everyone Is Responsible, No One Is* Having seven people on the committee, supported by a Body Corporate Manager [BCM] and a Caretaker, provides a lot of resources to manage the business affairs of a complex. Trouble is, if there is no shared understanding of what has to be done and who has to […]
Strata insurance is compulsory, expensive, and contains many risks. One of the big risks involves the Building Sum Insured (BSI). Getting it right is not easy… getting it wrong can cost you lots of money. This applies to both over-insurance (premiums too high), and under-insurance (cover too low). Over-Insurance can be expensive Much has been […]
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 […]
We have written about the Inquiry of ACCC into Northern Australia Insurance and their call for submissions here. The original deadline was 21 December 2017. Nevertheless, the UOAQ has received correspondence from ACCC's Northern Australia Insurance Inquiry...
There was much squawking and crowing in 2016 when Joe the Galah won a reprieve from eviction from his high-rise apartment building “Sea-Crested Cockatoo” on the Gold Coast. Significantly, Joe was ably represented by ‘Frank the Beak’ Higginson (who certainly does not work for sunflower seeds). What chance did the body corporate have? Even JohBjelke’s […]
Owners of income producing properties are eligible to claim tax deductions for a number of expenses involved in holding a property. Most investors are aware of some of the deductions they are entitled to; for example, they know they can claim their Property Manager’s fees, council rates and any repairs and maintenance costs. However, all […]
UOAQ has been alerted to a practice where general meeting papers (for either an annual general meeting or an extraordinary general meeting) contain two sets of ‘voting papers’: One set, headed Voting Papers, includes the motions in full together with the explanatory notes etc but with no boxes for voting YES NO Clearly, owners […]
The ACCC has yesterday released an issues paper for inquiry into residential building, contents and strata insurance in northern Australia. The inquiry will help to address concerns about insurance affordability, promote more informed and more competitive insurance...