Hi - does anyone out there have any experience with running a body corporate for a situation when there are only two flats on a property?
And specifically, has anyone been able to get out of setting one up, on the basis of there are just two flats?
As background, as most of you probably know, the Unit Titles Act (2010) now makes an actively managed Body Corporate mandatory, for unit title developments. We are a historic two flat property dating back decades.
The new law seems over the top for just a two flat property. The final straw was the fact that (under the 2010 legislation) we need to get a bank account set up for the two flats, despite the fact that there is no need for such an account, and it will have no money in it. And now the bank is saying that we need to first get an IRD number. We are actively exploring this option, but the IRD aren't particularly easy to get advice on with respect to this point (they don't even seem to have any webpage on this topic).
Also the body corporate secretary (me!) needs to submit their personal IRD number when applying for the body corporate IRD number, and I assume it gets associated with the body corporate's IRD number. Would this complicate my own yearly tax returns?
Thanks for any advice people can give!
And specifically, has anyone been able to get out of setting one up, on the basis of there are just two flats?
As background, as most of you probably know, the Unit Titles Act (2010) now makes an actively managed Body Corporate mandatory, for unit title developments. We are a historic two flat property dating back decades.
The new law seems over the top for just a two flat property. The final straw was the fact that (under the 2010 legislation) we need to get a bank account set up for the two flats, despite the fact that there is no need for such an account, and it will have no money in it. And now the bank is saying that we need to first get an IRD number. We are actively exploring this option, but the IRD aren't particularly easy to get advice on with respect to this point (they don't even seem to have any webpage on this topic).
Also the body corporate secretary (me!) needs to submit their personal IRD number when applying for the body corporate IRD number, and I assume it gets associated with the body corporate's IRD number. Would this complicate my own yearly tax returns?
Thanks for any advice people can give!
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