A body corporate manager, in carrying out any functions and services on behalf of a body corporate, must adhere to all duties and other requirements contained in the UT Act, the UT Regulations, and any other relevant legislation as if the body corporate manager was acting as the body corporate itself.

The risks of money laundering or the financing of terrorism are low.

Funds paid to bodies corporate or body corporate managers are only payable by unit owners of bodies corporate. Funds are not accepted from any other parties (unless it is clear that such parties are acting as a unit owner’s agent, such as a lawyer or accountant paying on instructions from their client).

Funds are payable on levies struck during a financial year or (in the case of body corporate managers) on the supply of an invoice showing levies struck by the body corporate for the financial year. The levies struck are intended to cover the costs of insurance and other outgoings for that year. If further funds are required during the year, additional levies are struck by the body corporate.

Payments are made by direct credit to either the body corporate or body corporate manager. On receipt, funds are held in specific accounts as required by the UT Act.

Where the amount levied is in excess of the amount required for the year’s outgoings, the surplus is usually credited to a long term maintenance fund or offset against the next year’s levies.

Individual unit owners have no control or ability to move money once it is received by the body corporate or body corporate manager.

There is no automatic right of withdrawal or ability to use funds once levies are paid. Any surplus at the end of the financial year is usually minimal. These amounts are not usually returned to unit owners, but retained in the manner set out above.