Body Corporate levies are voted on and approved at the Annual General Meeting (AGM) each year. Details of how much your levies will be for the next financial year and when they are due are set out in the minutes of the last AGM.
Levies are calculated and based on the budget for expenditure for the Body Corporate’s financial year. Detailed financial statements are provided to Owners each year as part of the notice of meeting for the AGM and can also be found on the Owners Portal.
One of the duties of a Strata Manager is to collect Body Corporate levies from unit Owners on behalf of the Body Corporate. These levies include the Administration Fund and Sinking Fund and may sometimes include an Insurance levy or Special Sinking Fund levy.
All Notices of Contribution (Levy Notice) are generated and forwarded to Owners at least 30 days prior to the due date. They are forwarded to the address recorded on the Body Corporate Roll and it is the owner’s responsibility to ensure that their records on the Body Corporate Roll are correct and up to date.
The financial viability of the Body Corporate relies on its members paying levies on time. The non-payment of levies will affect the ability of an owner to vote at general meetings and will also make the particular unfinancial owner ineligible for membership of the Body Corporate Committee.
The Body Corporate’s bank account is with the Macquarie Bank and we utilise the DEFT (Direct Electronic Funds Transfer) Payment System to provide our clients with an easy and accessible means of paying their levies. Numerous payment options are provided including BPay, internet, telephone, pay in person at Australia Post or send a cheque directly to DEFT. Owners also have the option of making payments or setting up a Direct Debit using StrataPay (part of the StrataMax group) via the Owners Portal.
Owners can also keep track of their levy payments, when levies are due and how much they will be for your Body Corporate’s current financial year by utilising the Owners Information Report located on the Owners Portal. This report is located under the Reports & Documents tab.
- Copies of Budgets for each fund are sent out with the Annual General Meeting Notice of Meeting each year.
- The levies are approved at the AGM and are recorded in the minutes for the meeting.
- All Owners are sent a copy of the AGM Minutes for retaining with their records.
- The due dates and amounts for the Body Corporate levies for the next twelve months are set out in the minutes.
- Unless there is a Special Levy set during the year, ALL levies will be due on the same dates each year.
- All levy notices are sent to the Owners at the address recorded on the body corporate roll. All notices are sent at least four weeks prior to the due date. If you do not receive your levy notice by the due date please contact our office for another copy.
- Details of the levies for your Lot can be found in the Owners Information Report located on the Owners Portal.