Owners Corporation fees
The Owners Corporation sets annual fees to cover general administration, maintenance, insurance, and other ongoing costs. The Owners Corporations can decide the level of fees, how they are paid and the times the payment (quarterly, annually etc.).
An Owners Corporation can also levy special fees or charges on lot owners to cover extraordinary or unexpected expenditure (for example to pay for painting of the building). If the amount of this proposed special fee is more than twice the amount of the annual Owners Corporations fee then it must be approved by a special resolution (75% majority of all lot owners).
Owners must pay their share of annual and special fees according to their lot liability and if they don’t pay the fees they lose the right to vote on all matters requiring an ordinary resolution. Although they can still attend meetings of the Owners Corporations they can only vote on matters requiring a special resolution or unanimous resolutions. The Owners Corporations can also charge penalty interest on any monies owing and take action to recover any debts in a court or at VCAT.
Phone (03) 9729 3512 or fill in the form below for more information:
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