One of the benefits of living in a Body Corporate is the fact that everyone contributes to the future upkeep of the property. This is done through regular savings. What is a sinking fund? A Body Corporate’s sinking fund is effectively a deposit which existsRead more
Under Australian Tax Law, your strata property must fulfill certain financial obligations. Tax returns Australian Tax Law requires that bodies corporate lodge a tax return for their assessable income in the financial year. The rate and threshold of taxation applied to bodies corporate is theRead more
There are three types of meetings in Victoria: The first annual general meeting Annual general meetings Special general meetings What are the obligations for the first AGM? The first AGM must be convened within six months of the registration of the plan. At this meetingRead more
An extension has been announced for the QBCC combustible cladding deadlines. Parts 2 and 3a have been changed. At SSKB we have been working hard and engaging industry professionals to meet the original deadlines. For some committees it is a breath of fresh air toRead more
QLD Government Passes New Cladding Legislation What exactly is the cladding? The cladding in question are aluminium composite panels (ACP). These have a polyethylene or plastic core and an aluminium coating. It is a cheaper building material widely used worldwide to clad all types ofRead more
SSKB recently received notification regarding changes by the Australian Reinsurance Pool Corporation (ARPC) regarding an extension to the definition of a commercial building and this will affect some strata communities from 1 July 2017. The following is an excerpt from Insurance Aid General Brokers (IAGB),Read more
Question: My strata community charges an annual fee for insurance on the lot as an apportion of the insurance taken out by them. Are they obliged to provide a copy of any that an insurer would normally provide, such as Insurance Certificate, Production Disclosure /Read more
The Queensland Government has announced a review into the state’s property laws including the Body Corporate Community and Management Act 1997 and other community titles legislation including body corporate governance issues. The review period ends on the 22nd of February. This follows on the heelsRead more
Far North Queensland strata residents are welcoming a project introduced by major insurer CGU to combat high insurance premiums. Insurance premiums have increased significantly over the last few years, with catastrophic weather events in the region meaning an increased pricing of risk. The problem hasRead more
Welcome to part seven of a ten part series discussing the most commonly misunderstood issues related to strata living.
7. How to get repairs underway in your owners corporation (the following information refers to NSW legislation).
Common themes are emerging amongst projects that are going to market for sales and which are actually achieving results in today’s though market. Have you ever wondered what the secret ingredients are? Well, no need to wonder anymore as SSKB … Continue reading →Read more