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Could this happen to you? If you, as an owner have any doubt about what your strata levy is used for, then investigate. As after a financial audit, it was found that my former strata manager had 2 separate accounts and taking the money from the trust account, transferring it into another account and retaining the interest. Also it was found that 1 owner was having strata levies lowered but unfortunately the was was exposed after the sale of the unit.
Maybe one day there will be a royal commission into the strata management industry, thankfully there has been finally one into the financial industry
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I totally agree . Our plan has not had any financials shown to owners since last December on the website. Even though there has been multiple court cases and massive renovations, we have no idea how much is being spent. Committee members are paying themselves huge amounts of money and hold company nominee votes allowing them to do what ever they want with our money. This is fundamentally wrong and needs change from the top. The assumption people are doing the right thing allows huge loop holes in the Strata world. We are all waiting for a royal commission into Strata. Transparency and accountability with legal consequences is what is needed.