What are levies and how do I pay them?
Levies are raised to meet the financial obligations of the body corporate for today and in the future. Levy rates vary from one body corporate to another. This is due to the different size, location, amenities etc of the Scheme.
There are two types of levies: –
- Administrative Fund Levy: Funds normal day-to-day operational expenses such as:Audit fees, bank charges, caretaking or management fees, community power, taxation, body corporate insurance, administration costs for the body corporate, lifts and other equipment servicing, pools and common area maintenance / materials, and the like. Usually, these expenses occur once or frequently every year.
- Maintenance Fund Levy: Where an owners corporation has an approved maintenance plan which funds large common property maintenance, repairs, improvements as well as purchase of new assets.
Large items are listed below: –
Lifts, cooling towers, heating equipment, repainting common property, repairs to roof and guttering, refurbishing pool and gardens, purchase of additional or replacement pool furniture etc. In other words, large, irregular expenses.
A levy is paid by all lot owners according to their individual lot liability. The schedule of lot liability is set out in the plan of subdivision.
Various payment options are offered including:
- Payment via pre-registered bank account or credit card (Visa/Mastercard)
- On the phone from your nominated account
- DEFT payment system – available through Macquarie Bank
- Payment at any Australia Post Office.