Bank Accounts and Trust Funds
Every strata scheme that we manage, we are focused on to providing direction , MaGrath Strata Sets up individual trust account with ANZ Bank. These accounts are in accordance with the Department of Fair Trading regulations and appropriate Trust Law legislation.
All information held in these trust accounts is downloaded daily from ANZ Bank to ensure our system is kept up to date. Only authorised personnel have access to these individual accounts.
Preparation & Lodgement of quarterly BAS & Annual Tax Returns
MaGrath Stata Accounts Department is staffed by highly qualified accountants. MaGrath Strata prepare and lodge all quarterly BAS and annual tax returns for your building as required.
MaGrath Strata provide each building’s selected person with a reconciliation report each month for buildings managed in New South Wales, Victoria, Queensland and Western Australia. The principle of the reconciliation report is to provide the building with a detailed list of all receipts, payments and a bank reconciliation report on the scheme’s trust account.
Administrative & Sinking Fund Budgets
MaGrath Strata offer all our client’s buildings comprehensive and audited reports, which are presented to all owners at their Annual General Meeting. An all-inclusive levy budget for the following 12 months is also prepared by MaGrath Strata and put forward for approval by the owners.