Shared assets in strata title lucrative for investors A strata title is used when individuals own part of a property, usually called a ‘lot’. This is generally an apartment, unit or townhouse complex which shares ownership of common property including driveways, foyers and gardens. The ownerships are combined through a legal entity called the owners corporation, commonly referred to as a body corporate. Strata title can include residential and commercial
What are the habits of highly successful property managers? Are they superhuman multi-tasking machines who don’t sleep? Most definitely not. Are they walking, talking charm-bots? Maybe. Either way, they’ve worked out ways to be more efficient and resourceful than most property managers. They take care of themselves and the people around them, even if they’re in a relationship with real estate, they can still help you upgrade your standard policy
Under the Property Stock and Business Agents Act 2002, licensees’ records in relation to the handling of trust money must be audited. This article explains who is affected, who can perform an audit, and other matters to help what they need to do to meet compliance obligations. Who is required to have their trust accounts audited? The following people must have their trust accounts audited if they received or held trust money during the financial
Be sure to keep these common mistakes top of mind as you develop your trust accounting policies and procedures to minimise the possibility of error – the penalties for which can be as severe as losing your licence! 1. Not reconciling daily One of the most common trust accounting mistakes property managers make is not reconciling frequently. You should make sure your accounts are balanced every day if possible, so
To ace your trust account audit, you need to first ask yourself this – do you really understand your trust account? Essentially, a trust account is a special type of bank account “where money is received or held by an agent (including any member of the agency’s staff) on behalf of another person in relation to real estate, business or settlement transaction.” The purpose of a trust account audit is to report on
The payment of goods and services tax (GST) in respect of certain new residential property sales has recently been turned on its head! Commencing 1 July 2018, buyers of new residential premises (other than commercial residential premises or new residential premises created through substantial renovation) or subdivisions of potential residential land (by way of sale or long-term lease) are required to withhold an amount representing the GST, and remit this
In one of the most dramatic changes to property depreciation legislation in more than 15 years, Parliament has passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 as at Wednesday 15th November 2017 and the Bill is now legislation.