| Category | FY25 $ | FY26 $ | Δ $ | Δ % |
|---|
The pool moved from $583,824 (FY25) to $578,119 (FY26), down $5,706. But the composition shifted materially — statutory cost increases were offset by lower R&M and a tighter recoverability treatment.
Rates rose +$41,601 (+19.4%) — the single biggest mover — water +$2,326 (+13.7%) and insurance +$4,946 (+2.2%). Together these three uncontrollable lines added ~$48.9k. These are pass-through but signal rising fixed holding cost on the asset.
FY25 recovered $38,034 of management fee from the tenant. FY26 excludes the $264,000 inter-company management charge entirely as a non-recoverable associated-party cost, and recovers only $14,572 of genuine third-party accounting/processing fees. This is more defensible against a tenant challenge, but it lowers the recoverable pool by ~$23.5k versus the old basis.
General R&M −80.3% and Electrical −82.8% drove R&M down. FY26 also reflects wash-up reclassifications: ~$11.0k of HVAC/aircon capex moved to capital, and a $300 fire-system item on-charged directly to the tenant. New Lift ($7,343) and Door ($1,233) lines appear in FY26.
FY26 closes with total arrears of $632,495 (incl. ~$419k of unpaid FY26 opex, GST-inclusive) versus ~$64,733 overdue at FY25 close. The tenant was also over-billed: $633,948 invoiced against a $578,119 pool (109.7% recovery), so a ~$55,829 wash-up credit is owed back even as cash collection deteriorates. Collection and credit exposure on a single whole-building tenant is the issue to action.
| Recoverable pool | $583,824 |
| Tenant contributions made | $513,963 |
| Overdue at year-end | $64,733 |
| To be invoiced | $5,129 |
| Recoverable pool | $578,119 |
| Invoiced to tenant | $633,948 |
| Over-recovery (credit owed) | $55,829 |
| Recovery rate | 109.7% |
| Total arrears (GST-incl) | $632,495 |