When changing strata managers there are often situations where previous managers have not kept documentation and finances up to date.
At SSKB, we ensure any issues that occurred or are still occurring from your previous manager are rectified immediately.
One recent example of this is an outstanding income tax return at a new Body Corporate / Owners Corporation client which came to SSKB with a very messy financial history. They were a considerable number of years behind in their income tax return lodgements.
SSKB have a dedicated digital marketing team. In December 2018 advised a now SSKB managed building of the benefits of using SSKB as their strata manager. Because the strata entity had experienced numerous problems with their previous strata manager, they decided to transfer over to SSKB.
The previous body corporate had not kept the buildings income tax returns up to date and therefore there were outstanding returns for the 2010 to 2017 tax years. This attracted a $8,400 late lodgement penalty.
SSKB have a dedicated tax agency business called SSKB Tax Compliance Pty Ltd, who process over 600 tax returns a year and nearly 4 times as many BAS returns.
In the case of this client, during the initial tax audit, we noted that many prior year tax returns had not been lodged, which will typically attract fees and interest from the ATO.
The tax team at SSKB immediately went on the front foot with the ATO, who we have a good relationship with, and explained to them the situation. We advised them we were addressing the issues and expected to have our new client up to speed by a certain date. We delivered by the promised date, and all fees (including interest) of more than $8,400 were waived. The ATO are quite proactive at rewarding good practice, and we aim to continue to model behaviour that keep SSKB Tax Compliance P/L in good favour with the ATO.
This is not the first time SSKB Tax Compliance P/L has won favour with our strata clients through our professional approach with the ATO. Another community we provided services to was being treated for tax purposes as a company and their tax agent had not been recognising the non-mutual nature of the income received. In that case, SSKB Tax compliance was able to obtain for the client over $30,000 in tax refunds. Boy did that make the community committee happy.
If your current manager is not keeping your documents up to date, click here to make the switch to SSKB today.