Strata Manager Partner Benefits

Strata Compliance

Ascend have taken the complete suite of traditional accounting services and tailored them specifically for the strata sector, this is the core service we deliver to every strata manager we partner with. We know that each management business is different, so we package services according to your needs. 

Once we’ve identified your requirements, our systems will ensure that your entire portfolio, and not just those you remember to email us about, remains compliant at all times. Our clients receive additional value for their accounting dollar that others miss out on. 

GST & Business Activity Statements (BAS)

In addition to the standard preparation and lodgement of your clients’ BAS, our qualified accountants will:

• Review supplier registration details and payments with a view to identifying possible entitlement to GST credits that have not shown correctly in the reports
• Inform you of opportunities to change to an annual BAS cycle (saving up to 75% of accounting fees each year!)
• Reconcile GST directly in your strata accounting system... meaning your end-of-year financials reflect the true picture of what is owed to or from the ATO

Download GST flyer

Tax Return Preparation

Taxation Ruling 2015/3 outlines the correct tax treatment for the various types of income collected by strata companies. The important takeaways from the tax ruling are:

• Strata companies that only earn income from owners are only required to submit an annual Return Not Necessary form (RNN) – an important step to avoid penalties, and a free service under every Ascend pricing package
• There is a completely different tax treatment for income from common property when compared to income from term deposits
• Income from status certificates (aka Section 43 income) is required to be submitted via a tax return, even in the event where an expense is paid to result in nil profit

For those of your strata companies that do require a tax return, our qualified accountants will go the extra mile and take full advantage of all available tax opportunities. For example, carrying forward losses from prior years and utilising apportionable deductions (for management fees, archiving, etc.) often more than offsets the cost of the tax return.

Download income tax flyer

Fringe Benefits Tax (FBT)

Fringe benefits are defined as payments for services via non-cash methods. Common examples include the provision of premises, payment of personal expenses and motor vehicles.

Many strata schemes inadvertently provide fringe benefits to caretakers and set themselves up for possible costly tax bills as a result.

Ascend is able to prepare your clients’ FBT Returns and will provide advice on minimising (and often eliminating) the risk of FBT in the future for your clients.

Registrations & De-registrations

Streamline your processes for GST, ABNs, TFNs, PAYG, and FBT with ease. Our team will handle the online submissions and compliance requirements for you. We’ll also run the necessary checks to confirm decisions are in your clients’ best interests, giving you complete peace of mind.

Public Officer Requirements

The 1936 Income Tax Assessment Act requires that all companies (including strata companies) keep the position of a duly appointed Public Officer constantly filled - or risk financial penalties. The Public Officer can even be held personally liable for penalties in the event that a strata company does not meet its tax obligations… so it’s an important concept to understand and get right. This is particularly so in strata, where managements can change hands, and often managers will act on behalf of multiple companies.

Ascend can provide you with the tools necessary for valid appointments, help devise solutions for your managements, and update ATO records on your clients’ behalf to ensure they are protected.

Checks and Updates for New Clients

It’s amazing how many managers out there (including plenty of the larger ones) aren’t aware of what is outstanding when it comes to their clients' tax obligations and accounts. We’ve seen one strata company that had a credit balance with the ATO of just under $7,000 from four years beforehand - all because they had never provided up-to-date bank details. Another didn’t even know they were registered for GST!

Whenever you take on a new management, Ascend will update your clients’ details with the ATO and provide a standard summary report on their current tax situation. It’s a standard service for our strata manager partners, so you can demonstrate to your new clients just how on-the-ball you are.

Download sample summary report

Online Notification Form - New Managements

Additional Services

We’re big enough to be efficient in our processes, but small enough to be flexible to our clients’ individual needs.

From assisting with load-ons of more complex schemes, to written advice on specific client situations, our experienced team are available to assist with whatever will help make your job easier.

We’ve even had team members attend AGMs in person, and Skype in on Council of Owners meetings, to explain tax issues relating to managements.

Strata Financial Reviews & Assurance Services

Ensure your financials are accurate, reliable, and ready to go with our Strata Financial Reviews & Assurance Services. Designed specifically for strata managers, this service gives you peace of mind by having your financial statements thoroughly reviewed by our senior team before they’re included in AGM notices. With our stamp of approval, you can confidently present financials that are accurate and compliant, adding an extra layer of credibility for owners and committees.

Our review process checks for errors, inconsistencies, and compliance issues, ensuring everything is correct and ready to go. If required, we also offer additional support to tidy up accounts, fix reconciling errors, and resolve any other lingering financial matters. This ensures your financials are in top shape before they’re shared with owners, saving you time and reducing the risk of disputes or confusion.

While we are unable to perform official audits—because our role in managing tax compliance and providing other supportive services to strata managers means we cannot be considered independent—our review process often eliminates the need for a formal audit by addressing issues upfront. Should an audit still be required, we can quickly arrange quotes from auditors we’ve worked with who understand strata and its unique nuances, helping you avoid delays and unnecessary hassle.

As an add-on to our strata compliance services, this offering takes your financials to the next level. By partnering with us for financial reviews, you ensure accuracy, credibility, and confidence in every statement you present—protecting your reputation and delivering the professionalism your clients expect.

New Client Handover Setup and Review

Starting with a new strata management shouldn’t mean inheriting messy financial records. Our New Client Handover Setup and Review service ensures a smooth transition by taking the financial records from the previous strata manager and ensuring they are correctly entered into your system. We meticulously verify that opening balances align with the prior year’s financials, ensuring everything matches up from the start.

Beyond data entry, we address anomalies that often surface during a handover. Whether it’s arrears lists that don’t reconcile with the balance sheet, random or unexplained items on the balance sheet, or GST figures that don’t align with what’s owed to the ATO, we identify and resolve these issues. At the end of the process, we provide a clear summary letter for the council, outlining the key findings and ensuring full transparency for all stakeholders.

This service is another valued add-on to our strata compliance offerings, helping you begin each new management on the right foot with accurate, clean financials and added credibility for your clients.

Consulting Services

Not every situation fits neatly into a box, which is why we offer tailored Consulting Services as an add-on to our core offerings. Our exclusive focus on strata means we’ve encountered a wide variety of situations and can apply solutions that have worked for others in similar circumstances.

Some real-world examples of how we’ve helped strata managers include:

• Assisting a strata scheme with loan repayments, where some owners paid upfront to clear their obligations while others paid levies to cover ongoing loan repayments.
• Designing a financial structure for multiple adjoining strata schemes that share common property, requiring a partnership setup and financial statements aligned with their agreed rules.
• Sitting in on council meetings or AGMs to explain tax matters to owners and provide clarity around financial or compliance issues.

Whatever your situation, we’re here to provide expert advice and practical solutions. As an add-on to our strata compliance services, this offering allows you to access our expertise for specific projects and unique challenges, saving you time, reducing complexity, and helping you achieve the best outcomes for your clients.

Other Services

We pride ourselves on our ability to find solutions. Many of our now standard services came about as solutions to the problems expressed by our clients. If you’ve got ideas or requirements of your accountants that fall outside the norm, please get in touch. Some ‘out of the box’ solutions we’ve provided to other clients over the years include:

• Reconciling GST balances on financials - now a free service for our strata manager partners.
• Reviews of financials before they go out to owners – with letters provided on Ascend letterhead.
• Enabling remote access to client accounts to assist directly with queries and corrections.
• Liaising directly with owners on your behalf on accounting issues and problems.
• Cheat sheets and flow charts to arm managers with knowledge to answer questions.
• Reviewing handover documents for new managements and preparing load on journals.
• Facilitating Council of Owners meetings to model reserve fund plans and funding requirements.
• Attendance at Annual General Meetings to explain difficult tax issues.
• Having a member of the Ascend team step in for data entry when accounts staff have been on leave.
• Ad-hoc work by the team member most suited.

Contact our office to discuss fitting in additional services with your package.