Company fined over bonds

A property management company has been slugged a hefty $80,000 fine for not properly lodging bonds, related to tenants living in Meadow Springs, Secret Harbour, Singleton, Baldivis, Ellenbrook and Alkimos.

Asset Realty was fined by the Mandurah Magistrates Court on February 11.

The Queensland-based company, which has a registered place of business in Welshpool, had accepted bonds from eight tenants but failed to lodge them with the Bond Administrator within 14 days, as required by the Residential Tenancies Act.

The company was also convicted of eight charges of failing to maintain proper records.

Asset Realty collected the security bonds totalling $10,480 and lodged them up to eight months' late but company records falsely showed they were lodged on time.