Interest Overview
The STGR 2019 (section 78) specifies that the interest payable to the Strata Company (all owners, not Abode Strata) is set at a rate of 11% per annum and is accrued daily.
How is it charged?
When a levy is overdue (the due date is shown on every levy notice) there will be an interest charge which will be detailed on the next quarter's levy notice. In this example, payment hadn't been made for the May - July quarter, so the next levy notice (August - October) shows an interest charge of $15.28.
