Can quarterly strata levies be paid in smaller instalments on a weekly or monthly basis? – Guy, NSW
According to the Strata Schemes Management Act 2015, the owners corporation can decide how often levies are collected from lot owners. This may be on a yearly, half‑yearly, quarterly or monthly basis.
Typically, strata levies are paid quarterly, but the frequency can be set and modified by the committee with majority owners’ approval at an annual general meeting (AGM).
Please note that levies are set based on the owners corporations’ approved budget. So, the committee would need to agree that a change in the levy payment schedule will not impact the payment of budgeted items throughout the year. Also, a higher number of scheduled payments throughout the year may also increase the administrative process involved – so they will need to consider these factors before committing to change the frequency of payments.
Talk to your strata committee if you’re facing financial hardship and need some flexibility with frequency of levy payments. They may be able to accommodate your payment plans to help recover levies at a delayed frequency.
For more information on levies, how they’re calculated and how much you should pay, read our article here.