What is the specific purpose levy?
Written by Jessica Tait
Updated at January 18th, 2021
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Also known as special levies, they are for just that a, nominated specific purpose that arises from time to time, such as painting the entire building, re-roofing, new lift. They are typically larger expense items where there are insufficient funds in the reserve account or admin account to be transferred to a project and the money needs to be raised over a shorter, longer or specific timeframe.
Your strata council is a management team of various skills and experience Should you wish to get involved in your strata company attend your general meetings, nominate yourself as council member and be an active owner. If you have any queries, please do not hesitate to contact us.