Set up a separate bank account and DEFT payments for each property — you’ll never miss a levy again.
Summary
AI-generatedThe video highlights the importance of financial automation for property owners to avoid late fees and simplify bookkeeping. By creating separate bank accounts for each property and setting up automated DEFT payments for strata levies, hosts can ensure all expenses are captured for tax purposes and eliminate manual payment errors.
Key insights
Using a separate bank account for each property simplifies tax returns by clearly segregating income and expenses for specific units.
Mistakes to avoid
Manually paying strata levies rather than automating them leads to missed invoices and unnecessary late payment fees.
Tools & resources
DEFTtool
A payment platform commonly used for paying strata levies and other property-related bills in Australia.
Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial