Welcome to the June edition of Tower News.

Cost of living stresses are top of mind across the country as pressure from inflation takes effect. Body corporates can be particularly hard hit by quick changes to the economy, as it can be hard to flex when levies are fixed a year in advance and decisions over factors like major works can often take many months.

There are no definite solutions, but active management can help sites be prepared to move quickly, if necessary. In practice, active management means Committees need to be conscious of the changing environment, know their costs, and budget inside and out so they can see where their building stands and what might be required. Your strata manager can help with this.

Get a copy of your financial statements today and see where you stand – you can download a copy from the Stratamax portal or ask your manager. Ask if your scheme can handle a sudden price increase to building or caretaker costs. Do you have money to make an investment – one benefit of interest rate rises is that they also apply to term deposits.

For a quick calculation of the financial health of your scheme add up the total assets and divide by the number of lots. Are you comfortable with that number? Talk to your manager and other owners and call a meeting if you need to. Take control of what you can, while you can.

Tax Returns

The end of the 2021/2022 financial year is here, so it is time to ensure you have everything you need to prepare your income tax returns. We can provide owners with a levy contribution summary/tax report for the tax return at a cost of $7.95. Please email info@towerbodycorporate.com.au to order your report.

In this issue:

• An upcoming Leaky Buildings webinar. Register via the link below.
• Recent Airbnb Announcement
• Spiralling building costs and what you can do about them
• and much more.....

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