What are the penalties for late payments for Strata Levies and who sets the amounts etc.? – Jason, NSW
Hello Jason, the interest for late levies is set in Section 85 of the Strata Schemes Management ACT 2015. This states that simple interest is set at an annual rate of 10% on all contributions not paid. This amount cannot be increased or decreased by the owners corporation.
All interest incurred is paid into the owners corporations trust account. Please refer to the fair trading website for more information: