› Flat Chat Strata Forum › Levies and Unit Entitlements › How do interest charges work? › Current Page
26/02/2016 at 5:35 pm
#24555
Mostly correct. Though the date the notice is sent or received has no bearing on when interest becomes due, in fact there is no requirement to send a notice out. It is good practice however for this to be done in advance of the due date to remind owners of their obligation to pay. If the levies are not paid within thirty days of the due date, then interest is chargeable at the rate of 10% per annum, calculated from the due date till date of payment.