#25849
Jimmy-T
Keymaster

    I wish my levies were $500 a year.

    The law also allows you to discount levies paid on or before the due date, so the late payer would get a double whammy.

    Say you budget needs X amount a year, you set the budget at X plus 5% for contingencies but discount 5 percent for prompt payment.  Of course, you add 10 percent for late payment.

    It soon adds up and gives you a buffer so that you aren’t always chasing money from people who can’t organise their finances.

    And don’t forget the other disincentive for late payers is that they can’t vote at general meetings.

    The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.