When can levies be changed?
Written by Jessica Tait
Updated at January 18th, 2021
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Why then, might you receive an invoice for the strata levy for the first quarter of the new financial year?
It’s because there is often a lag time between the end of the previous financial year and the next AGM – The Act states that not more than 15 months shall elapse between the date of one AGM and that of the next – Schedule 1 By-law 11 (1). This means the next AGM might potentially be a few months into the new financial year – after the levies collected for the previous year have run out.
The practical truth is that a certain amount of funds is required to run the scheme, and these are raised throughout the year, typically every quarter. So, a levy will be due for this period. If it’s not charged because of the time lag before the next General Meeting, then the strata corporation may run into a cashflow problem.