Financial Management

Transparent financial stewardship

Owners corporation funds belong to the owners. We manage them with precision and full transparency, so every owner can see where their levies go and the owners corporation stays financially healthy.

What we do

• Prepare annual budgets using actual spend, current contracts, CPI and a contingency for the owners to consider
• Issue levy notices and collect fees, usually in quarterly instalments
• Hold funds in trust in the owners corporation’s own account
• Pay invoices, contractors and insurance premiums on time
• Reconcile accounts and report regularly to the committee
• Prepare annual financial statements for the AGM and lodge tax returns and BAS where required
• Manage a maintenance fund where there is a maintenance plan
• Follow a structured arrears process, including reminders, penalty interest where authorised and, if needed, recovery through VCAT

How levies are calculated

The annual budget adopted at the AGM sets the total to be raised. Each lot pays its share according to its lot liability, as shown on the plan of subdivision. Paying on time matters: owners corporations budget close to cost, and late payments affect every owner.