Paying Levies
Body Corporate levies are voted on and approved at the Annual General Meeting (AGM) each year. Details of how much your levies will be for the next financial year and when they are due are set out in the minutes from the last AGM.
Levies are calculated and based on the budget for expenditure for the Body Corporate's financial year. Detailed financial statements are provided to owners each year as part of the notice of meeting for the AGM.
One of the duties of a Strata Manager is to collect body corporate levies from unit owners on behalf of the Body Corporate. These levies include the Administrative Fund and Sinking Fund and may sometimes include an Insurance levy or Special Sinking Fund levy.
All Notices of Contribution (Levy Notices) are generated and forwarded to owners at least thirty (30) days prior to the due date. They are forwarded to the address recorded on the Body Corporate Roll and it is the owner's responsibility to ensure that their records on the Body Corporate Roll are correct and up to date.
The financial viability of the Body Corporate relies on its members paying levies on time. The non payment of levies will affect the ability of an owner to vote at general meetings and will also make that particular unfinancial owner ineligible for membership of the Body Corporate Committee.
The Body Corporate's bank account is with the Macquarie Bank and we utilise the DEFT (Direct Electronic Funds Transfer) Payment System to provide our clients with an easy and accessible means of paying their levies. DEFT is a customer initiated payment service, however if owners require payments to come out of their bank account or credit card on a regular basis they can create a re-curring payment. Click here for further information in relation to this service.
What do levies cover?
Administrative Fund Levies cover all recurring costs of the body corporate, such as insurance, minor repairs and maintenance costs, bank charges, legal and professional charges, administrative costs, cleaning and gardening, electricty and gas, audit fees etc.
Sinking Fund Levies cover all non-recurrent costs - major jobs such as driveway repairs, painting, fence replacement, large landscaping projects.
Important Points for Owners to Remember
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Copies of Budgets for each fund are sent out with the Annual General Meeting notice each year.
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The levies are approved at the AGM and are recorded in the minutes for the meeting.
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All owners are sent a copy of the AGM Minutes for retaining with their records.
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The due dates and amounts for the body corporate levies for the next twelve months are set out in the minutes.
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Unless there is a Special Levy set during the year, all levies will be due on the same dates each year.
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All levy notices are sent to the owners at the address recorded on the body corporate roll. All notices are sent approximately four weeks prior to the due date. If you do not receive your levy notice please contact our office for another copy.
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