Summary
Levy contributions are set by owners at each AGM. The minutes document will show the agreed amount to be raised and paid for each each installment, be it quarterly, monthly etc.
Whilst there is no requirement to send out a levy notice, it is generally common practice to send out a reminder notice to owners to let them know that the levy payment has become due. ESM Strata send notices on behalf of the Strata Company at least three to two weeks ahead of the due date to allow owners time to schedule their payment.
Do you still receive you levy notice by post?
If you currently receive your levy notice by post and would prefer to have it emailed to you, please click here to change you delivery preferences.
How to read your levy notice?
On a standard levy notice there is a lot of information so we have annotated a sample levy notice to provide a guide for our customers.
1- Strata Plan Number/ Lot Number/ Date of Notice issued.
2- Lot Owner Name and Mailing Address
3 - Lot Owner Email Address
4- Details of the Levy that is/will be due
5- Column showing the Principle Admin value for the levy
6- Column showing the Principle Reserve value for the levy
7- Column showing any payment allocated towards the levy
8- Column showing interest paid on the overdue levy
9- Column showing interest due on levies overdue more than 14 days from due date
10- Due Date of each levy
11- Total due for each levy after taking into consideration any amounts under columns 7 to 9.
12- Comments to GST
13- Total Due of all levies outstanding on the levy notice
14 - Interest is charged at 11% on each levy overdue as per Strata Titles Act Section100(4)(b)
15- Is the Payment Slip. This shows the owners all possible ways to pay outstanding amounts. For more info on DEFT please click here
What happens to overdue levies?
There is a 14 day grace period from the due date, after which interest will accrue at a rate of 11%. .
If full payment has not been received by 14 days after the due date, interest will start to accrue.
If the levies are still outstanding after 30 days after the due date, an Arrears Notice will be issued at an additional charge to the owner of $22
If the levy is overdue more than 60 days a Final Notice will be issued at an additional cost to owner of $22.
if payment is then still outstanding, the Strata Manager will discuss with the Council of the Strata Company which action they wish to take. An option is to send the Lot details to a debt recovery lawyer to handle the debt collection process. All charges will be set against the Lot owner who failed to make payment, and this action could result in the eventual seizure and sale of the property.