Strata Management Accounting Services by Economos Strata Services
Economos has developed a great reputation in the Sydney market working with strata management and owners’ corporation clients to ensure they meet all their audit, compliance, tax and reporting requirements Our specialist division, Economos Strata Services provide these services to Strata Management companies and Owners Corporations.
With more than 25 years of hands on industry experience in all areas of strata management, as well as expertise with the use of leading software applications Aylie Brutman leads our dedicated team which can work with you to ensure that your plans’ financial needs are met.
Strata Management Advisory
Strata Audit Services
Accounting, Reconciliation & Reporting
Trust Accounting Advisory Service for Strata Companies
Strata Technology Advisory
Other Strata Services
Serving strata management companies and owners’ corporations all over Australia Economos Strata Services assist their clients prepare and lodge their business activity statements and tax returns, conduct trust account audits, advise strata management companies on simple tax matters, including income tax, capital gains tax (CGT), and goods and services tax (GST), as well as more complex tax advice about their buildings and land. In addition, the Economos keeps managers up-to-date on all the latest changes in laws that affect strata buildings, as well as the financial impact these laws will have on the management company.
Economos Strata Services provides owners’ corporations with income tax returns lodged accurately and on time, as well as an analysis of their financial statements. They also offer owners’ corporations the option of project-based advisory and forensic work and a strata audit through our subsidiary, the Econ Audit and Assurance Pty Ltd.
Our Strata Financial Audit is the review of the financial statements, to ensure that the rules governing handling, and reporting of funds adhere to Australian Accounting Standards and the specific state based legislation
Where the Audit is for the period immediately following the First Annual General Meeting of a Strata Plan an initial review can be included in the audit which indicates the documentation in possession of the Owners Corporation from the Original Owner.
We offer audits that review and analyse the financial impacts of corporation bylaws, conduct cost allocation analyses that review building and strata management statements, conduct procedures audits, including substantiation and an analysis of expenditures and revenues, perform strata scheme audits, reconciliations, and any other financial or procedural analyses the management or owners’ corporations need.
With more than 35 years’ experience providing tax advisory services to the strata sector, Economos Strata Services works closely with owners’ corporations and management companies to provide tax advice and planning, strata scheme income tax preparation and lodging, creating business activity statements, and providing advice on more complex taxation matters. Our tax specialists follow strata regulatory changes closely, handle capital gains tax (CGT), fringe benefits tax (FBT), goods and services tax (GST), , and other tax-related matters that affect your buildings and land.
Where remote access can be granted, we will login and retrieve the reports required for each Owners Corporation to assist us in completing Business Activity Statements or Income Tax Returns. We are also able to make adjustments in your trust accounting system where the accounts do not reconcile against the reportable amounts. We will also handle all correspondence between your plans and the Australian Taxation Office.
GST reconciliation, and lodgement of business activity statements on behalf of owners corporations will be completed and lodged prior to the due dates. Prices quoted are based on quarterly lodgement.
Income Tax returns are prepared based on the reports from your trust accounting system. When tax returns are completed and ready for signing you may choose to receive notification to login to our secure portal and sign all documentation electronically. Returns can be completed and lodged in a complete online process which ensures efficient and on time lodgement.
Complex Tax advice and reconciliations can be completed on behalf of your plans and are quoted on a needs basis.
All reconciliation and financial statement, analysis and preparation is priced up front and will be based on the needs of your agency to deliver your Owners Corporations with the financial reporting required to meet their needs.
Bank Reconciliation services can be performed on an as needs basis or as a permanent engagement . Prior to commencing reconciliation work we will discuss your requirements and provide a fixed price to complete the work in a specified time frame.
Many strata management companies don’t have a dedicated accountant on their team. Often the responsibility of the accountant is handed to someone else in the company to get these tasks completed, and unfortunately to someone without the skill set of an accountant which often means increase risk and business opportunities are left unchecked.
These tasks which should be completed at least once per month to ensure compliance with licensing and efficient operations in your business can be managed by our advisors, They may also be able to identify ways to control expenses, improve your cash flow, and improve your financial performance year after year.
Economos’ technology advisory team can steer you toward adopting all the technology you need—from appointment-setting software to strata management software and leading-edge cloud accounting software that can automate invoicing and payroll, give you real-time financial data, and allows you to conduct in-depth analyses on ways to better your business.
Strata management companies and owners’ corporations have unique needs that set them apart from other types of businesses we work with. That’s why we offer a range of custom services to help you do your job more efficiently. We can attend annual general meetings (AGMs) and committee meetings to inform owners about tax matters, and other financial and management matters that affect their property value and their household budget. Furthermore, if you have inherited a difficult financial situation from a previous management company, we can help you sort out all the tax and other issues to get the building complexes back on track. Know that the Economos Strata Services team will always act proactively on behalf of our strata clients to solve problems and achieve better outcomes.