Do I need a Sinking Fund?
A Sinking Fund is a legal requirement for a Body Corporate or an Owners Corporation in most places, within Australia.
Regardless, a Sinking Fund Budget is also a very practical and useful tool when considering how much money will need to be set aside for Capital Expenditure such as Programmed Maintenance.
The Sinking Fund Budget should be viewed as a positive way protecting and maintaining the value of your Property Investment.
It makes sure that the common areas of the Complex are maintained to an appropriate agreed Standard at all times and that the contributions of the members are fair and appropriate.
Different places within Australia have different names for the document that the Sinking Fund Budget is put into. In some areas it is called a Sinking Fund Maintenance Plan, whilst in other areas it is called a Sinking Fund Forecast.
Discussion about the amounts allocated in the Sinking Fund are usually agreed upon at an Annual General Meeting of a Body Corporate or an Owners Corporation.
To get a Sinking Fund Budget done for a Body Corporate or Owners Corporation, let us find you Quantity Cost Professionals to assist you.
Just provide your details in the box, on the top right hand side of your screen.
It can save you time, money and worry.