What do Levy-Standard contributions pay for?

What do Levy-Standard contributions pay for?

The Standard Levy Contributions must cover the estimated annual operation costs -

(i) for the repair, maintenance, management and administration of the common property (including reasonable provision for future maintenance and repairs);
(ii) for the payment of rates and taxes and other local municipality charges for the supply of electricity, gas, water, fuel and sanitary or other services to the building or land;
(iii) for the payment of any insurance premiums relating to the building or land; and
(iv) for the discharge of any duty or fulfilment of any other obligation of the body corporate; (STSM Act (3)(1)(a))

Please refer to your Scheme's Budget for a full list of the items covered by the Standard Levy.

    • Related Articles

    • What does Levy-Maintenance contributions pay for?

      The Maintenance Levy must cover the items budgeted for in the 10 Year Maintenance Plan - (b) to establish and maintain a reserve fund in such amounts as are reasonably sufficient to cover the cost of future maintenance and repair of common property ...

    • What does my levy contribution pay for?

      The contribution (levy) charged to a unit will fund a proportionate share of the costs of running the communal areas, which includes the maintenance of the exterior of all units in the Scheme. These costs may include, but are not limited to: ...

    • Levy Statement Line Items Explained

      The levies are made up of the items in the budget. Please refer to the AGM Notice folder on ANGOR Online. The budgets (Standard Levy and Maintenance Reserve Fund - where applicable) are contained in the AGM notice. In a Body Corporate (Sectional ...

    • What is a backdated levy?

      At the beginning of a new financial year the levy has to increase to cover increases in Body Corporate expenses. However, this increase may only be passed at an Annual General Meeting (AGM). Since the AGM can only be held once the audited annual ...

    • Why do I have interest on my levy account?

      Levies are due in advance and on the first of every month (with a grace period until the 7th before interest is charged to accounts). Interest is charged from the 8th of the previous month up to the 7th of the current month. It is, however, only ...