Overview of Management Fee Types in Strata Master
This article will assist in your understanding of the Management Fees that you use regularly and provides a foundation before seeking links on specific Management Fee issues.
The Standard Database
The standard database includes the following types of fees that a strata management agency can charge to owners corporations. These are found in Configure > Management Fees -
- Standard management fee—a monthly fee charged for management
- Registration of by-laws—a fee charged per registration.
- Archive storage fee—a monthly based fee
- Photocopying—a fee per page of photocopying
Standard Monthly Fees and Quantity Management Fees
Fees are classified as either Monthly Standard Fees or Quantity Management Fees. Quantity Management Fees are fees that are charged ad-hoc for various services rendered, as and when the services are provided.
Can I add further fee types ?
The management fees configuration function will allow you to further set up and maintain the default details of these and other management fees. Notice in screenshot above that each fee type is allocated to an account in the General Ledger. In the example above it is account 154000.
Can Plans have a different rate for the same fee type?
The rate charged for these fees are set at the Portfolio level for all Plans, and can then be changed for each owners corporation in the Corp screen. You are also able to set the Account you wish the fee to be recorded in. You could add an account to your Chart of Accounts, especially to record that fee type if you wish. You will find the Chart of Accounts in Formatted Reports.
Do the fees entered include gst?
All fees are generally set to be inclusive of GST, as dictated by the Taxation Laws that govern your Agency. When creating a new Account for a new fee type, you will need to enter details of whether gst is applicable. Management Fees are an expense to the Owners Corporation. If in doubt about gst, check your Chart of Accounts. You will find it in Formatted Reports.
Management Fees that Cannot Be Changed
The standard database also includes three special types of management fees that you cannot change the default settings for -
- Bank Account Debits Tax (BADT, also known as GDT))
- Strata Roll Inspection Fees
- Status Certificate Fees
BADT or GDT
This fee is only relevant from a management fees perspective if you operate a single or general trust bank account and wish to be reimbursed from owners corporations for this tax on the bank account. The tax rates vary from state to state in Australia, and will be applied according to the state specified for your agency’s address.
Strata Roll and Status Certificates
Fees for inspection of strata rolls and other records, and fees for issuing status certificates are handled in the receipting function (see Receipting other payment to owners corporation). When payments for strata roll inspections and status certificates are receipted to the standard revenue accounts for these fees (see General ledger chart of accounts), the fees will be automatically transferred to the agency when the agency processes management fees.