Late Strata Levy Payment

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  • 25/11/2016 at 1:04 pm #10757 Reply | Quote
    airman342
    Flatchatter

      We have an Owner who persists in paying the strata levy 6 weeks to 2 months after the due date. According to the NSW Strata Act 1996, a levy which is more than one month overdue has a penalty of 10% p.a simple interest payable until paid.

      Thus, if the payment is 2 months overdue, a penalty of 1/12 of 10% of the levy is payable as a penalty. If the levy is, say $500, the penalty is $4.17. Is this correct? If so, its hardly a deterrent from late payment

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    Reply To: Reply #25850 in Late Strata Levy Payment
    PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

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