In this article, our goal is to dispel the top 5 myths surrounding body corporate levies. By gaining a deeper understanding of these crucial financial contributions, we can foster less resistance to collection and necessary increases.
In this article, we’ll provide you with a comprehensive explanation of sinking funds and emphasize their vital role in maintaining your body corporate’s upkeep.
This article is the transcript of a BCsystems podcast covering many of the common corrections we make about body corporate levies.
This article covers how levies are set, explaining the administrative fund, sinking fund and insurance fund levies.
The administrative funds and sinking funds are both common to bodies corporate, however the expenses they cover are very different.
Body corporate levies pay for the operation of a body corporate which in turn maintains the common property and shared areas in your scheme.
A body corporate special levy is an additional levy issued to owners over and above the usual administrative and sinking fund levies.
To ascertain the amount of sinking funds required for a body corporate to operate, a sinking fund forecast is prepared.
Most body corporate arrears and subsequent late fees are preventable with this easy checklist.
What is a levy payment plan and how does it work for body corporate schemes in Queensland?
