Question: Are the dates for quarterly levy payments set at the AGM, or do they carry on from the previous financial year?
Are quarterly levy payments dates set at the AGM, or do they carrying through to the next financial year even if our AGM is held later in the year?
Answer: The dates generally carry on from the dates set at the first AGM unless the dates are reset for accounting purposes.
An owners corporation must, at each annual general meeting, estimate how much money it will need to credit to its administrative and capital funds for actual and expected expenditure. The dates generally carry on from the dates set at the first AGM unless for accounting purposes the owners corporation resets the dates to better align their AGM’s and financial year ends.
This post appears in Strata News #653.
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