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Get too close to financial deadline at your peril. The financial deadline of a general meeting should be given a wide berth as should a discount date.
A former strata manager gave a lot owner a 10% discount on levies even though they were not paid before the due date. i.e. by the discount date, the day before the due date.
According to the oc bank statement the lot owner had over $20,000.00 in arrears on the discount date. The lot owner attempted to pay the outstanding amount by a combination of EFT and bank cheque on the discount date to be eligible for the discount. The attempt failed despite the strata managers support that the amount was “paid” before the due date.
The amounts are brought to the oc bank account when they are received by the bank and this is when they have been paid. I would like to know the legislation that supports this. Can you help me with this Billen Ben?
Even a bank cheque needed to be cleared overnight before it hit the oc's bank account.
The discount missed by the lot owner was $600.00 on a $6,000.00 quarterly levy. So it hurt. It took an application to the CTTT to establish the lot owners ineligibility. The CTTT agreed in this case that the financial deadline had been breached.
The oc and strata manager parted ways soon after.