› Flat Chat Strata Forum › Finance, budgeting and loans › Strata Plan Monies in Investment Account › Current Page
thank you both for your replies.
i should have been clearer in what i wrote. the interest earned in this account for the year was 106.00 (0.0500pa).
the only other expense on the tax return was the cost of doing the tax return at 283.00 via the tax agent being part of the Strata Managers company.
we had to pay the ATO 177.00. How wonderful it would have been if we earnt 800 to 850. but alas no that is not the case. therefore keeping this account is costing the SP money. like i said 10 years ago it would have been better interest rate, but now no. interest rates are next to nothing.
what irks me is that not only did the other owners notice this – nor was this bought up by the strata manager at the AGM do we need this investment account. but being the cynical person i am it’s a benefit to the SM to keep the account as they are the tax agent.
the benefit of the investment account is minus for our SPlan.