Over 50's & Retirement Communities
Do you live in an over 50s or retirement community and looking for experts in accounting who understand the challenges of managing the accounts for such a community? Insight Strata Accounting Services are your answer.
Over 50s and Retirement Communities
The changing demographics in Australia have seen a significant increase in demand for over 50s and retirement communities. This current growth is expected to continue as people live longer and seek convenient living solutions to offer them a lifestyle they desire. How these communities are managed vary with many now operating under strata title. Strata title includes a body corporate and a village operator as well as adhering to state legislation for this type of property ownership.
Under this structure owners become part of the Body Corporate and contribute levies toward administration and maintenance of the common property which may include roads, pathways, community facilities, etc. Levies are determined at an annual general meeting of the strata owners. In Queensland the Body Corporate and Community Management Act (BCCM Act) regulates the obligations of the Body Corporate.
Owners are also obliged to contribute towards recurrent charges issued by the Village Operator. These charges are associated with services provided by the Village Operator in accordance with the contract between each owner and operator. The charges are issued in accordance with the Retirement Villages Act Queensland. Each year the proposed budget for recurrent charges for the upcoming year must be submitted to the owners prior to the end of the financial year. It must be voted upon at a meeting of the residents.
Qualified Strata Accountant
It is essential for such a community to engage a competent and qualified Strata Accountant who has experience in managing this type of scheme. This ensures the community meets all the financial obligations under the Retirement Villages Act Queensland and the Accounting Standards Disclosure.
Insight Strata Accounting Services has extensive experience in the management of strata retirement schemes and appreciates the role of each stakeholder. We offer an unbiased approach aimed at ensuring the body corporate’s best interests are held as a priority. This philosophy safeguards the scheme's reputation and ensures the best possible return on investment for owners.
Engage people you can trust. Insight Strata Accounting Services have the experience and the service standards to deliver the best outcomes for all.