Body Corporate Insurance Premiums And Excesses
A Body Corporate must take out body corporate insurance for its Community Title Scheme. Each owner must pay part of the costs for that insurance. The Body Corporate collects money for the insurance premiums as part of levy contributions. Levy contributions are collected each year. Body Corporate Insurance Premiums for Building Insurance How much you […]
Committee Spending
*The following information is for community titles schemes registered under the Standard, Accommodation and Small Schemes module. Committee Spending And Spending Limits The relevant limit for committee spending (how much a committee can spend without having to go to a general meeting) can be set by Ordinary Resolution in a motion in either an Annual […]
Why Do I Need A Strata Inspection Report?
When buying a unit it is very important to obtain a Strata Inspection Report. A Strata Inspection Report does not replace a building report however it provides important information about what is happening within the scheme that you should be aware of before you take the leap of purchasing the property. A Strata Inspection Report should provide the […]
REMINDER: Changes to DEFT Payments at Australia Post
There Have Been Changes to DEFT Payments At Australia Post. You may be aware that on 1st October 2016 a $2.75 processing fee was introduced for DEFT payments made at Australia Post outlets. When you pay your levy via DEFT at Australia Post, you will be charged this processing fee at the time of payment. […]
Can you build a contingency into a Body Corporate Budget?
Can You Have A Contingency in a Body Corporate Budget? Contingency is a future event or circumstance which is possible but cannot be predicted with certainty. So Can you have a line item as a contingency in a Body Corporate Budget? The short answer is no. Having a line item called Contingency in your budget […]
Living or Investing In A Community Titles Scheme
Owning A Lot In A Community Titles Scheme Owning a lot in a community titles scheme brings certain obligations beyond those of owning a detached house. You should carefully consider whether living or investing in a community titles scheme suits your lifestyle and financial needs. When you buy a lot in a community titles scheme […]
Insurance: Changes in Terrorism Act
We’ve Listed The Latest Changes to Terrorism Insurance Act 2003 (Cth)(the ACT) Below: Changes to the Terrorism Insurance Act 2003 (Cth)(the ACT) become effective from July 2017, and some mixed-use commercial and residential strata buildings will see new terrorism levies of up to 16%, plus statutory charges on affected policies. These changes broaden the definition of […]
Smoke Alarm Requirements From January 2017
We’ve Listed The Most Recent Smoke Alarm Requirements Below; For dwellings being sold, leased or an existing lease renewed these are the latest smoke alarm requirements. Existing smoke alarm manufactured more than 10 years ago must be replaced with photoelectric smoke alarms which comply with Australian Standards. Smoke alarms that do not operate when tested […]
Warning: Marblesheen Pool Coatings Containing Asbestos
What is Marblesheen/Marblelite? Marblesheen also known as Marblelite is a decorative coating applied to the surface of concrete pool shells with the average thickness between 5-25mm. It is primarily composed of white cement and white marble chips between 1-2mm in diameter. If the Marblesheen coating was applied prior to 1990, it may include asbestos. How […]
Smoking in Strata (Qld)
A Body Corporate cannot ban smoking in strata altogether and similarly, owners and occupiers may not just smoke wherever they want to. Smoking on common property can only be restricted if it unreasonably interferes with the enjoyment of another lot or the common property. However, this is not the case when there are substantially enclosed […]