- What is included in strata levies?
- What are strata fees?
- What can be included in strata fees?
- Are strata levies the same as body corporate fees?
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According to Strata Community Association (NSW), here are the definitions of:
- Levy: Levies are amounts paid into a trust account so that the scheme can fund and carry out its duties. Levies are the amounts that owners are bound by legislation to pay to the administrative fund and capital works to enable the communal management of the scheme. They are determined at the AGM via the approval of a budget and the decision of payment due dates. Each owner’s portion is determined by the lot unit entitlement as a proportion of the aggregate unit entitlement.
- Levy Arrears: The owner is in arrears if the amount owed by them has not been received into the trust account by the due date.
If you have enjoyed this topic page, discover more great information in our other Strata Topics covered.
Leanne Habib, Premium Strata
Question: How do I get the executive to acknowledge obligations under the new legislation – have a 10 year plan, have it professionally costed, take steps to raise the required funds and commence overdue works?
Most Recent Strata Levies Articles
- QLD: Q&A Freezing Levy Payments to Protest Bad Service - Question: Can a group of lot owners freeze levy payments by paying their levies into a trust account until they receive better service from the resident manager and strata manager?
- VIC: Are Your Levies Recoverable? The Devil’s in the Detail - A recent decision of the VCAT is a timely reminder about the need for attention to detail when imposing owner corporation or body corporate levies. We also look at the implication for NSW and Queensland after this decision.
What are Strata Levies?
For a detailed explaination, take a look at this video by Michael Ferrier, Eyeon Property Inspections.
Our articles and Q&As about Your Strata Levies have been arranged by State
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