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What Are Levies?

 

The role of the owner’s corporation is to administer the day to day running of the strata scheme. In Order to carry out this function, the owner’s corporation is obliged to administer a fund for operational expenses plus a sinking fund for long-term future expenditure.

All Strata Solutions can advise on the establishment of these funds, as a multi- disciplinary practice our dedicated team of Accountants, Lawyers and Property Specialists are well versed in estimating the amounts needed each financial year to cover the expenses of the strata scheme and to administer the funds on your schemes behalf.

All Strata Solutions can help you organise your annual general meetings, where the amounts the lot owners are required to pay are discussed and decided, by majority vote. Levies are generally calculated based on unit entitlement and a normally paid on a quarterly basis.

Levies will include, but are not limited to the following:

  • Council rates 
  • Water and electricity charges for common areas 
  • Public liability and building insurance 
  • Maintenance and repair of common areas 
  • Workers compensation insurance 
  • Pool maintenance 
  • Lift maintenance and contracts 
  • Interest on borrowed monies 
  • Legal or professional services costs 
  • Any additional costs incurred, in running the scheme. 

All Strata Solutions, as full service advisors will help you prepare your budget or forecast for the annual general meeting, providing estimates of income and expenditure for the coming year. Our charted accountants and auditors will be able to advise and assess the likely future expenditures in order to maintain the sinking fund and solvency of the strata scheme.

All Strata Solutions legal team can help in the recovery of unpaid Strata levies. If a neighbour is unable or refuses to pay levies for any reason, it is advisable to have a third party help enforce the payment of levies. Unpaid levies bear an interest rate of 10% per annum. In order to recover the debt and interest, action must be commenced in the local court. And will include interest, plus the costs of recovery.

If you would like more information regarding Levies or need assistance with a Strata management issue, complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.