COVID-19 – FINANCIAL HARDSHIP & BODY CORPORATE LEVIES
We are fielding a significant increase in queries from owners suffering financial hardship who may be unable to pay their body corporate levies. Through this rapidly changing environment, we are trying to assist owners and bodies corporate on how to navigate through this unprecedented situation.
If your body corporate has previously decided to have penalties apply to late payments, then your body corporate may charge you interest and/or recovery costs on overdue levies. However, the body corporate committee can decide to waive these costs in special circumstances.
Your committee may be able to work with you to help work through potential options which may include:
- Implementing a payment plan;
- Granting an extension for upcoming or overdue levies;
- Waiving penalty interest (if applicable); or
- Granting the on-time payment discount (if applicable).
These decisions cannot be made by the body corporate manager of your body corporate, they are subject to a vote by your elected representatives i.e. your body corporate committee.
Owners who may be facing financial hardship are encouraged to write to the body corporate committee advising of them of their situation and seeking assistance where required. You can write to your body corporate committee care of our office by emailing info@stratadynamics.com.au. Alternatively, you can request a payment plan or an extension of time to make payment by completing the Application for Payment Plan / Levy Payment Extension form on our website which will be forwarded to your body corporate committee for consideration.
We have also included below resources that may be helpful for owners who may be suffering financial hardship:
National Debt Hotline
ASIC’s MoneySmart
Legal Aid QLD
https://www.legalaid.qld.gov.au
Australian Financial Security Authority