Re: When does penalty interest kick in?

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04/06/2012 at 10:45 pm #15662
Billen Ben
Flatchatter
Chat-starter

    @Mr Strata said:
    Dear All,

    I believe that you may find that interest is calculated from the due date of the levies, ie 1 April.

    I believe that there has been plenty of legal precedent on this matter especially in relation to the collection of outstanding levies and from my experience interest has always been calculated on this basis.

    Mr S

    I found this on the prostrata website;

    Arrears Recovery Process

    The following is the process implemented by Progressive Strata Services Pty Ltd in relation to recovery of levy arrears (special and quarterly).

    i) For quarterly levies – the notice is produced and posted 14 days before the 1st of the month it is due, eg levy due 1 July would be generated and sent around 15 June.

    ii) By law nothing can be done to recover levies in the 30 days that are interest free.

    (Bold and underline added)

     

    I’m not saying they are right or wrong but it seems opinions are divided.

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