We provide out-sourced bookkeeping services to managing agents for condominiums and or commercial properties.
We encountered requests to waive off late payment charges for reasons that they do not receive the invoices and / or email notification of their Managment fund and sinking funds due.
We respectfully replied that we are not empowered to waive off any late payment charges and not receiving the bills is a weak reason as these are regular billings with fixed amount.
We even have one council chairman instructing the managing agent to get us to issue a credit note to the late payment interest, which we stood firm and request the chairman to bear the late payment charges on the SP behalf, as we cannot act on the instruction that the management council is not empowered to do.
It will be unfair to other SP that paid on time and words will spread that it is ok that late payment interest will be waived, just give the reason that never received the quarterly bill.
BMSM Act Sect 40(6) 9B) states that only in general meeting that any unpaid contribution shall bear no interest.
Only at Annual General Meeting, the SP with the late interest has to make his case to all SPs and the general body must decide if they agree to waive the particular SPs Interest.
The correct procedure is for the SP to request the MA to tabled a request for the waiver in the coming AGM
The general body in the general meeting has to agree on the amount and which particular unit that they are giving approval to waive.
No blanket approvals to be given as MA can collude with council members, or even particular SPs to waive their interest.
We actually gained confidence of the SP that request for waiver, that we are impartial in collecting all payments due without fear or favour.
Contact us for more information via our sales whatsApp +65 8148 8824 for more information.
Writer : Choo Hong Peng,
Chartered Accountant, Singapore
Email : sales@realtimme.net
Dated : 15/10/2025