Bank Accounts and Trust Funds
For schemes we are engaged in to provide guidance on, BCS opens an individual trust account with Macquarie Bank. These accounts are in accordance with the Department of Fair Trading regulations and appropriate Trust Law legislation.
Individual trust accounts have the potential to earn interest on daily balances.
All information held in these trust accounts is downloaded daily from Macquarie Bank to ensure our system is kept up to date. Only authorised personnel have access to these individual accounts.
BCS provides each building’s nominated person with a reconciliation report each month for buildings managed in New South Wales and Queensland. The purpose of the reconciliation report is to provide the building with a detailed list of all receipts, payments and a bank reconciliation report on the scheme’s trust account.
Preparation & Lodgement of quarterly BAS & Annual Tax Returns
The BCS Accounts Department is staffed by highly qualified accountants using computer software exclusively designed specifically for your building’s needs. You can trust BCS to accurately prepare and lodge all quarterly BAS and annual tax returns for your building as required.
Administrative & Sinking Fund Budgets
BCS provides all our client’s buildings comprehensive and audited reports, which are presented to all owners at their Annual General Meeting. A comprehensive levy budget for the following
12 months is also prepared by BCS and put forward for approval by the owners.