Levies
We offer Owners Corporations Levies Melbourne wide including:
- Port Melbourne
- Elwood
- McKinnon
- Murrumbeena
- Prahran
- Oakleigh
- Richmond
- Elwood
- St Kilda
- St Kilda East
- Windsor
- South Yarra
- Toorak
- all surrounding areas
The Lifeblood of the Owners Corporation
Levies are the periodic payments made by lot owners to fund the Owners Corporation’s operations, maintenance, and future capital works. The effective management of levies is a core function of a professional manager, ensuring a steady and reliable income stream for the corporation.
Key Components of the Levies Service
Issuing Levies to Owners
- The process begins after the annual budget has been approved at the Annual General Meeting (AGM). Based on the budget and each lot’s specified lot liability, Strata Minders calculates the exact levy amount for each lot owner. This includes both the regular administration fund levy for day-to-day expenses and the maintenance fund levy for future projects.
- Formal Levy Notices: Strata Minders prepares and issues formal levy notices to all lot owners. These notices are a legally significant document and typically include:
- The amount due.
- The due date for payment.
- The specific period the levy covers.
- An itemized breakdown of how the funds will be used (e.g., administration fund vs. maintenance fund).
- The various payment options available.
- A warning about the consequences of late payment (e.g., interest and administrative fees).
- Formal Levy Notices: Strata Minders prepares and issues formal levy notices to all lot owners. These notices are a legally significant document and typically include:
Ensuring Funds are Paid into a Separate Bank Trust Account
- This is a critical legal and financial safeguard. Under state legislation (such as the Owners Corporations Act 2006 in Victoria), all funds collected from lot owners must be held in a dedicated bank account in the name of the Owners Corporation. Strata Minders adheres strictly to this requirement.
- Trust Account: While often referred to as a “trust account,” this specifically means a separate, dedicated bank account for each individual Owners Corporation. This ensures that the corporation’s money is not mixed with the funds of the management company or any other Owners Corporation they manage.
- Security and Transparency: This system provides complete financial security and transparency. Lot owners can be confident that their money is being held securely for the sole purpose of managing their common property. All transactions in this account are subject to regular reconciliation and, for larger corporations, an annual audit.
Various Payment Options Offered
- To make the process as convenient as possible for lot owners, Strata Minders offers a range of modern payment methods. This not only improves owner satisfaction but also increases the likelihood of prompt payments, which is essential for cash flow. The offered options typically include:
- Credit Card: A popular choice for its convenience and speed. Payments can often be made online through a secure portal, allowing owners to pay their levies 24/7.
- BPay: BPay is a widely used and reliable electronic payment system in Australia. Each Owners Corporation is assigned a unique Biller Code and each lot owner a unique Customer Reference Number (CRN), allowing for easy and accurate tracking of payments.
- Cheque: For owners who prefer traditional banking methods, payments can be made via cheque, which are then deposited into the Owners Corporation’s bank account.
- Cash via Australia Post Billpay: This option provides a convenient way for lot owners to pay their levies in person at any Australia Post outlet. The Billpay service allows for cash and EFTPOS payments and provides a receipt, with the funds being transferred electronically to the Owners Corporation’s account. This is particularly useful for lot owners who prefer not to use online banking.
By providing a professional and compliant system for issuing levies and offering a variety of secure payment options, Strata Minders ensures that the financial heart of the Owners Corporation remains strong and healthy. This effective management of levies is fundamental to the successful operation and long-term viability of the property.
Get In Touch!
(03) 9016 0123
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