What is GST? GST stands for Goods and Services Tax and is a 10% tax added to most prices in Australia. What does it mean to be a GST registered entity? A GST registered entity must obtain tax invoices for purchases, and issue invoices with 10% GST included. This GST amount received must be accounted
On 13 March 2024 we held our fifth committee training webinar titled ‘Understanding Owners Corporation Financials’. This session was a breakdown of Owners Corporation financials and covered all the fundamentals of how money is managed for your community. Presented by our Senior Owners Corporation Accountant at The Knight, we covered: Financial obligations of an OC
You may be hearing a lot about lithium-ion batteries after some recent media coverage about fires caused by eBikes or scooters. While the risks are serious, there is no need to panic. These fires are rare, and often exacerbated by poor charging practices, or low-quality products. Read on to learn more about these fires, some
What is a maintenance plan? A maintenance plan is where all lot owners in an Owners Corporation contribute fairly towards common property maintenance. In order to develop an effective maintenance plan, adequate planning is required to ensure that funds are allocated appropriately and that excessive funds are not collected through special levies. The budget should
As strata insurance premiums continue to skyrocket – is Insurance Premium Funding the timely solution for strata communities? Insurance Premium Funding: What is it? Insurance Premium Funding (IPF) is a financial solution designed to help Owners Corporations manage their insurance costs more effectively. It allows owners to spread the cost of insurance premiums over time,
How secure is your driveway gate? Did you know that there are devices which can scan and copy the frequency of remote controls used to operate driveway gates from 50m away? These devices are particularly effective with 125Khz (low frequency) fobs and are readily available for purchase online. This creates a concerning security risk for
In 2021, The Knight launched our webinar training series, designed to equip Committee Members with the knowledge and skills needed to perform their duties and support functional, harmonious communities. The fourth session was held on 17 May 2023 titled ‘The Role of a Building Manager‘ and covered: The role and scope of an Owners Corporation
In an Owners Corporation (OC), there can be additional roles, aside from an Owners Corporation Manager (OCM) that can support your OC. A Building Manager (BM), caretaker or cleaner works in conjunction with the Committee and OCM to ensure that residents and owners are supported, and the building is well maintained. If you live in
The benefit principle is simple in premise; when levying for ‘extraordinary items of expenditure’ that do not benefit all owners equally, the owner that benefits more, should pay more. In application, things aren’t quite so simple. What is the ‘benefit principle’? The benefit principle first appears in Section 24, subsection 2(A) of the Owners Corporations
For those living in multi-dwelling properties, the idea of short stay accommodation may conjure some negative experiences. While there are many groups advocating for tougher restrictions and legislation on short stays in strata, the current reality is that an Owners Corporation is limited in what it can do to manage them. A restrictive covenant can
