Levies, budgets and payment plans
Owners pay levies into the administrative fund and the capital works fund. The amounts are set by the owners at a general meeting.
What to know
- Levies are set by the owners corporation at a general meeting, usually the AGM, from the budget. The committee and strata manager can't set them.
- Interest on overdue levies is capped at 10% simple a year. Payment plans can run for up to 12 months and are decided by the committee or owners, not the strata manager.
- Before starting debt recovery, the owners corporation must give 30 days' notice including information about hardship help and payment plans.
- Owners who owe levies generally can't vote at meetings and can't stand for the committee.