› Forums › By-laws and outlaws › The committee as strata-cop › Can we charge penalties for late payment of levies? › Current Page
Andy said:
Following the above I’m a bit worried our OC might be outside of requirements. A few years ago we voted to charge interest on overdue levies. I need to check but think this is legit.
Not just legit, but obligatory – unless the Owners Corp decides otherwise (by special resolution, I think) you must impose a 10 per cent penalty interest charge on overdue levies.
Not sure about the $70 admin fee, though
Ok the 10% was voted so all good. The admin fee seems to be ok also as it has to do with chasing unpaid levies by the SM.
Still its exorbitant for the poor buggers who can’t pay due to their financial circumstances.