Does "Body corporate fees" mean "Strata fee"?

Discussion in 'Property Management' started by happydays123, 21st Sep, 2020.

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  1. happydays123

    happydays123 Member

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    Hi all, I'm filling in a form about my IP
    There is a field asking about "total body corporate fees", I wonder does that mean the strata cost that I'm paying every quarter? Anyone have any idea? Thanks.
     
    happydays123, 21st Sep, 2020
    #1
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Yes. It varies between states. The strata body is the "body Corporate". Owners corporation is another term I have seen used.
     
    Paul@PAS, 21st Sep, 2020
    #2
  3. Kent Cliffe

    Kent Cliffe Well-Known Member

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    Paul is correct. Also, double check for any special levies and sinking fund...
     
    Kent Cliffe, 21st Sep, 2020
    #3
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  4. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    The terms are generally interchangeable in my experience. Strata fees are also known as strata levies sometimes and are usually broken down into admin levies and sinking fund and sometimes additional special levies.
     
    Mel Morgan, 21st Sep, 2020
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  5. The Y-man

    The Y-man Moderator Staff Member

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    In Vic they are owner's corporation.

    The Y-man
     
    The Y-man, 21st Sep, 2020
    #5
  6. datto

    datto Well-Known Member

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    The dough for the mow and other things.
     
    datto, 22nd Sep, 2020
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