Strata schemes management act 2015 interest on levies

The owners corporation can decide the timing that levies are collected from lot owners, for example, yearly, half‑yearly, quarterly or monthly. The date must be at least days after the notice is given. I understand when my levies are due for payment.

Resolutions of owners corporations 6. Meaning of large strata scheme 7. Interest , discounts on.

Order requiring original owner to pay compensation for inadequate estimates and levies. The process for the removal of abandoned goods previously set out in the SSMA no longer applies (and has been removed from the SSMA). The Acts are designed to overhaul the way strata schemes will be managed in the future in New South Wales.

Have a fabulous holiday season. I’ll be back with you on New Year’s Day. All Strata Schemes impose a regular strata levy , usually collected quarterly, on all the lot owners.

This video is unavailable. WHAT ARE STRATA LEVIES ? Strata levies are payments owners must all make to cover the strata building’s running costs.

Levies are set at each annual general. You are required to pay fees to the owners corporation to cover the cost of maintenance of common property. However, these vary from state to state.

All interest incurred is paid into the owners corporations trust account. ANNUAL LEVIES - STANDARD Current Levy period 01. Take the interest rate payable on levies more than days overdue.

Sure, it’s a high rate. Clearly legislators are encouraging owners to pay on time. To understand strata levies , it’s first important to understand what a strata scheme does. A strata scheme is a building or buildings where owners each own a portion, known as a ‘unit’, but where there is also common property such as gardens, driveways, foyers and windows. Among the changes is a significant change to how an Owners Corporation or a Strata Committee can obtain legal advice and take legal action.

These common areas may include lobbies, lifts, hallways, shared laundry facilities and even luxury assets such as golf courses and swimming pools. Therefore in order to ensure that levy notices are received at least days before their due date, levy notices are now sent out weeks in advance. Citation and commencement 2. Legal services to be approved by general meeting An owners corporation or strata committee of an owners corporation must not obtain legal services for which any payment may be required unless a resolution approving the obtaining of those services is passed at a general meeting of the owners corporation.

Levy notices are now being sent up to five weeks out from the due date. Recovery of unpaid contributions and interest. The Tribunalmay order the ownerof a lot in the strata scheme, or otherperson, to pay a contribution that is payable by the owneror other personunder this Act that is not paid at the end of month after it becomes due andpayable, together with any interest payable on that unpaid contribution andthe reasonable expenses of the owners.

In particular, the legislation allows the Owners Corporation to waive the interest rate or reduce it.