Question: I understand in QLD a community can decide on maintenance up to a value of $200 per lot times the number of lots in the complex. Has this changed? For decisions of a greater expense, what is the process required?
Answer: There has been an exception to that $200 per lot rule where if it’s for insurance, the committee can exceed that amount.
There has been an exception to that $200 per lot rule where if it’s for insurance, the committee can exceed that amount.
The one thing to keep in mind though, is that the $200 per lot number can be changed by the body corporate. They can go to general meeting by ordinary resolution and make it $1,000 per lot or a flat sum of $500 or $1,000,000 dollars, whatever the body corporate decides. It’s always good to check whether the spending limit has previously been changed.
What these regulation modules have done, is they’ve added an exception to that amount, which is for insurance.
This post appears in Strata News #478.
Todd Garsden
Mahoneys
E: tgarsden@mahoneys.com.au
P: 07 3007 3753
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