Month: November 2014
Lawn chemical application
Please be advised that we will be carrying out a chemical application around the common areas of the development commencing Wednesday November 26, 2014.
For safety reasons, signs will be placed in the areas being treated and we would ask that parents and pet owners pay particular attention to the affected areas.
Pursuant to the guidelines set out by the Ministry of Finance, Sandyport Homeowners Association is duly registered under the provisions of the Value Added Tax Act 2014 and effective January 1, 2015 all charges made by the Association shall be subject to VAT. A notice published on the Ministry of Finance website sets out the position concerning VAT as it relates to Homeowners’ Association fees as follows:
Amid increasing enquiries the Ministry of Finance explained today that maintenance fees for condominium and homeowners’ associations will be subject to VAT if the annual billings exceed the mandatory registration threshold of $100,000. For some associations this threshold may not be reached until property insurance services become VATable in July 2015. In such cases, mandatory registration would be put off for 6 months. The Ministry however encourages associations in this second category to register initially on a voluntary basis so that transparent billing practices can be followed from the outset.
An important advantage of registration is that condominium and home owners association would be able to issue VAT invoices to VAT registrants who use such properties as vacation rentals.
While homeowner associations operate on a non-profit basis, their services are of a cost recovery nature, just like common area maintenance charges on commercial rentals and leases. A spokesperson for the Ministry of Finance explained that “because of this, many associations will see little difference between the adjustment in maintenance fees billed and the change in VAT inclusive expenses charged to them by service providers. In these cases, the collection of VAT from homeowners, will match very closely the input credits that associations would be able to claim. There is no upside revenue potential for the Government.”
Associations could find however, that there is net revenue that must be paid to the government, if they directly employ a significant number of staff to provide homeowner services.
Unlike for profit operations, a business licence fee will not be imposed on homeowner associations. However, residential real estate held as an asset for investment/commercial purposes may be subject to business licence fees and VAT when used as vacation rentals.
The Ministry advises that the online system for VAT registration began on October 13. Applications for mandatory registration must be filed by November 30, 2014.
Click here to view the unaudited financial statements for the 9 months to September 30, 2014.
We are in receipt of a number of payments that we have been unable to identify and are held pending verification. Please review the dates and amounts of the transactions below and log in to check if any are missing from your account. If so, please contact us with confirmation of the payment transmission so that we may credit the balance to your account. Please note that there may be a difference between the transmission amount and the amount shown below due to bank charges (normally associated with international transfers):
November 14th event – RSVP
Sandyport owners and residents are invited to a social gathering from 6-9pm on Friday November 14th, 2014 at the gazebo and pool deck located in phase 5, near Coral Beach. Invitation cards have already been distributed to the Sandyport address and this is a reminder to RSVP and, if you are sending an appetizer, to email the details.
This is a social event to meet with other residents, the Directors and Committee Members. It is also a great opportunity to share feedback and ideas for improving our community. We will also turn on the seasonal lights to celebrate the start of the holiday season.
We will be providing food, bar service and a bouncy castle for the kids. The pool will be open for under 18’s that are accompanied by adults. In the community spirit of this event we are encouraging attendees to bring an appetizer to share with fellow residents.
We are looking forward to this event, please put it in your diary and come join us.
Please respond by November 7th to firstname.lastname@example.org and include the number of adults and under 18’s that will be in attendance.