Sectional Titles

Paddocks Press - September 08

Paddocks Press is an ad hoc free digital newsletter published to educate and update the sectional title community. The current issue (Volume 3, Issue 9) has a number of articles of interest, including:

What your trustees should do for you - Prof. Paddock summarizes the financial, physical and administrative duties of the body corporate for which trustees are responsible. These include:

  • Maintaining a fund for administrative expenses,
  • Collecting contributions,
  • Operating bank accounts,
  • Insurance,
  • Maintaining the common property,
  • Supplying insurance details and information,
  • Controlling and managing the common property,
  • Electing trustees,
  • Holding an AGM, and so forth.
Pre-development financial planning - Clint Riddin looks at the importance of having a meaningful budget for any new development. It is necessary to set the course for the financial performance of the body corporate, especially in the short term.

Tax snippet - the taxman gaveth - Clint Riddin brings our attention to the fact that the amended section 10(1)e of the Income Tax Act applies to the exemption of any income which does not exceed R50 000.

Maintenance and improvements of the common property - Judith van der Walt distinguishes between and expands upon maintenance and improvements of the common property.

Q & A with the Professor - Professor Graham Paddock replies to a number of questions including:
  • Changes to the Sectional Titles Act.
  • When can we expect to see the Community Scheme Ombud Service established?
  • Recovery of legal costs from an owner.
  • Voting values.
Paddocks Press Vol 3, Issue 9

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