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27/03/2014 at 11:45 am
#21288
Thank you Whale. Our main income is the interest on our smallish sinking fund in a term investment, which is well below $1,000 per annum. There are also occasional small sums earned from the interest on delayed levy payments. There may be more earned from our quarterly admin fund account, but I haven’t seen any in the accounts presented by the SM. As far as we can tell all the strata income is ploughed back into the admin fund. Mind you, we do pay some tax, possibly around $300 or less, part of it being PAYG. So, in these circumstances, we shouldn’t be needing the audit insurance.