Accounts & Payments

Paying Your Owners Corporation Levy

Payments to your Body Corporate:

Ace Body Corporate Management uses Macquarie Bank DEFT payment services for all its bodies corporate. If you have an enquiry about your fee notice, please contact your manager directly. Their contact details will be at the top of the fee notice. Otherwise, enter the property address into our Find a Manager search function.

How to Pay:

By Post:
  • Mail the slip on the Fee Notice with your cheque to:
    DEFT Payment Systems, GPO Box 2174, MELBOURNE VIC 3001
In Person:
  • Present this page to make your payment by cash, cheque or EFTPOS at any post office.
By Phone:
  • Please call 1300 301 090 to make your payment using a Mastercard, Visa, American Express, Diners Card
Bpay:
  • Call your bank, credit union or building society to make this payment from your cheque or savings account.
  • Please click on the picture below to pay your account online.
  • Macquarie Bank DEFT Payment System

Body Corporate Accounts

Bodies Corporate managed by Ace Body Corporate Management have an individual bank account for each body corporate. The manager is normally the sole signatory to that account under delegation from the members of the body corporate.

An annual general meeting is held at the beginning of each financial year of the body corporate. This meeting sets the budget and addresses any concerns of the members. This sets the "contributions" which the members have to pay each year. The amount contributed by each member is worked out based on a table included in the plan. This table is referred to as "lot liability". Other meetings may be held if required by the members.


Body Corporate Budget

The main component of the budget is usually the insurance premium that covers the buildings and public liability risks. Other components are the caretaking, grounds maintenance, repairs, common lighting, maintenance of essential services and the manager’s fees.

Bodies corporate vary in the extent to which funds are accumulated in body corporate account. Many operate on a small margin over the normal annual operating costs while others plan ahead and accumulate some funds for major works such as painting, guttering replacements, fencing, paving etc. Should a major unbudgeted cost occur without sufficient funds in the bank, it is normal practice to establish a special levy to pay for that particular works.

Example budget for a small body corporate:
Administrative Fund
10 Centre Road, Centreville. (8 units)

Proposed Last Year's Budget Last Year's Actual


AGM $30.00 $30.00 $25.00
Administration Expenses $165.00 $165.00 $165.00
Electricity $400.00 $320.00 $400.00
General Maintenance
$1,068.00 $1,068.00 $1,000.00
Gutter Cleaning $726.00 $726.00 $726.00
Insurance $1,630.00 $1,630.00 $1,630.00
Lawns & Garden $1,300.00 $1,200.00 $1,200.00
Light Maintenance $200.00 $120.00 $150.00
Management Fees $1,650.00 $1,650.00 $1,650.00
Safety Audit $250.00 $250.00 $250.00
TOTAL ADMIN FUND $7,419.00 $7,159.00 $7,196.00


Sinking Funds or Maintenance Plans:

Sinking funds, (or “Maintenance plans” or “reserve funds”) are a form of budgeting for major expenditures and projects. The funds can be used towards painting, purchasing and installing new equipment, roof replacement and general refurbishments. The aim of the fund is to cover long term maintenance of the property to ensure that it remains in a state of good order. Funds are raised in advance in anticipation of future expenditures, thereby reducing financial surprises and hardship.

Maintenance plans proactively help with plan for major forecasted expenditures. As issues are dealt with in a timely manner, the forecasting and funding reduces further complications of reactive funding. One example would be a building painting project that is postponed for consideration and then further postponed as levies are raised. By the time the project starts, severe paint deterioration has caused wood rotting which further increases the scope of work required, increases the cost of the project, and threatens property values and sales. Maintenance plans budget for total replacement of building components rather than estimating or considering maintenance or repairs.

GST:

For income tax purposes, an owners corporation is treated as a “public company” and must submit a return for any $1.00 of taxable income e.g. interest on investments For GST purposes, an Owners Corporation is now considered a non-profit body and is not required to register for GST unless turnover is more than $150,000. If an Owners Corporation distributes income to members, it loses its non-profit status.