Budgets, funds and levies

In short

• Every scheme keeps money for day-to-day costs, and most keep a second fund for big future costs. The day-to-day fund is the administrative fund almost everywhere (the ACT also calls it part of the "general fund"). The long-term fund is the capital works fund in NSW, the maintenance fund in Victoria, the reserve fund in WA and the sinking fund in Queensland, SA, Tasmania and the ACT. Whether the second fund is compulsory depends on the state and the size of the scheme. The NT's 2009 Act and Tasmania do not name separate funds at all.
• Owners approve the budget and the levies, usually at the annual general meeting. The committee (strata committee, executive committee, council or management committee) prepares the figures, but in every state the owners decide them by resolution at a general meeting. A committee cannot set the levies on its own, except Queensland's interim contributions and WA where the by-laws allow it.
• Levies are shared by each lot's entitlement. That is unit entitlement in NSW, WA, SA strata corporations, Tasmania and the ACT; lot liability in Victoria; contribution schedule lot entitlement in Queensland; lot entitlement in SA community schemes; and contribution entitlement in the NT. A different sharing method needs a stronger resolution (or is not allowed) in most states.
• Notice, discounts and interest differ a lot. NSW needs at least 30 days' notice before a levy is due, Queensland 30 days, Victoria gives 28 days to pay, the ACT sets the due date no later than 28 days after the notice, and WA, SA strata corporations, Tasmania and the NT set no minimum lead time. Early payment discounts exist only in NSW (10 per cent), Queensland (up to 20 per cent) and the ACT. Interest on late levies is automatic in NSW, WA and the ACT and needs a resolution elsewhere.
• Long-term maintenance plans are compulsory in NSW, larger Victorian schemes, WA designated strata companies, the ACT (4 or more units) and larger SA schemes; Queensland builds a 9-year view into each year's sinking fund budget. Tasmania and the NT require none.
• Owners have a legal right to see the books. Every state lets an owner inspect the scheme's records, usually within a set number of days and sometimes for a capped fee.

Related reading: Recovering unpaid levies, Meetings, Voting and proxies and Duties of a self-managing committee.

How it works

A strata scheme is run on the owners' money. There is no outside funding: every cost the scheme has, from insurance and cleaning to a new roof, is paid from levies the owners pay, plus any interest and small amounts like record inspection fees.

The yearly cycle looks much the same everywhere:

1. Before the AGM, the committee (or treasurer) prepares a proposed budget: what the scheme expects to spend this year on recurring costs, and what it needs to put aside for big future items. Where a long-term plan is required, the budget for the long-term fund is built from that plan.
2. The AGM notice goes out with the proposed budget and the accounts for the year just ended, so owners can read them before they vote.
3. At the AGM, owners approve the budget (or change it, within limits in some states) and fix the levies: the total amount, how many instalments and when each is due.
4. Levy notices go to each owner, giving the amount for their lot, the due date and how to pay. Some states set a minimum time between the notice and the due date and say what the notice must contain.
5. During the year, the committee spends within the approved budget. Spending beyond it, or big one-off items, usually needs a further resolution at a general meeting, and an unexpected cost may need a special levy.

Each lot's share is set by its entitlement, which is recorded on the strata plan, units plan or scheme statement. A lot with twice the entitlement pays twice as much. Some states allow, or require, a different split for costs that benefit only some lots.

The funds belong to the scheme, not to individual owners. They are kept in an account in the scheme's own name or, where a professional manager handles the money, in an account the state's law allows, such as the manager's trust account.

State by state

New South Wales

Funds. An owners corporation keeps an administrative fund for day-to-day costs and a capital works fund for major future spending such as repainting, replacing property and renewing fixtures (Strata Schemes Management Act 2015 ss 73, 74 and 79). A two-lot scheme need not have a capital works fund if the owners corporation decides so by unanimous resolution, the buildings on one lot are physically detached from those on the other, and no building is outside the lots (s 74(5)).

10-year plan. Every owners corporation prepares a 10-year capital works fund plan and reviews it at least every 5 years (SSMA s 80). Since 1 April 2026 a plan must use the prescribed standard form when the owners corporation revises an existing plan or prepares a new one to replace a plan that has run its 10 years; a scheme with an existing plan that is not yet being revised or replaced need not convert it (s 80(4); Strata Schemes Management Regulation 2016 cl 17I; NSW Fair Trading, guide to strata law changes, updated 1 October 2026). Every AGM has an item to prepare or review the plan (Schedule 1 clause 6).

Budget. At each AGM the owners corporation estimates what the administrative fund needs for maintenance, insurance and other recurring costs, and what the capital works fund needs, taking the 10-year plan into account. A large scheme (more than 100 lots) itemises its estimates and notes differences from the plan, with reasons (SSMA s 79(6)). The financial statements run to a date no earlier than 2 months before the meeting, and the AGM notice carries the statements of key financial information (s 92(2); Schedule 1 clause 9).

Levies. Contributions to each fund are set at the same meeting that sets the estimates (SSMA s 81(1) and (2)) and are shared in proportion to unit entitlement (s 83(2)). A levy notice must give at least 30 days to pay, or 14 days for a levy raised for emergency repairs, meaning urgent repairs needed to deal with a serious and imminent threat to occupants' health or safety (s 83(3A) and (5)). Every levy notice comes with the information the Secretary approves (s 83(1A)): since 27 October 2025 that is the Strata Financial Hardship Information Statement (NSW Fair Trading, levy notices).

Discount and interest. A general meeting can resolve that an owner who pays before the due date pays 10 per cent less (SSMA s 85(4)). A levy not paid when due bears simple interest at 10 per cent a year until paid, but no interest is payable if it is paid within one month after the due date. The owners corporation can resolve that a contribution bears no interest (s 85(1) to (3)). See Recovering unpaid levies for payment plans and recovery.

Special levies. If the owners corporation faces expenses it cannot meet at once from either fund, it must levy a further contribution to the administrative or capital works fund, decided at a general meeting (SSMA s 81(4)).

Spending and borrowing. The strata committee cannot make a decision that the Act requires to be made by unanimous or special resolution or in general meeting, or one the owners have reserved to a general meeting (SSMA s 36(3)). The owners corporation needs at least 2 independent quotes for any item costing more than $30,000, and a large scheme cannot spend more than 10 per cent above an item's AGM estimate unless a general meeting lifts the limit; emergencies such as burst pipes and storm damage are exempt (s 102; Strata Schemes Management Regulation 2016 cl 25). An owners corporation may borrow and give security, but not by a charge over the common property, and only after a resolution at a general meeting approves the loan (s 100).

Audit. Accounts are audited where the scheme has more than 100 lots or an annual budget over $250,000 (SSMA s 95; SSMR cl 21).

What owners can see. An owner, mortgagee or covenant chargee (or someone they authorise) can ask in writing, with the fee, to inspect the strata roll, the financial records, the 10-year plan, insurance policies and other records (SSMA s 182). If a time cannot be agreed within 3 days, the owners corporation sets a time within 10 days of the request, and inspection can be in person or by secure electronic access (s 183). The fee for an owner is $31 for the first hour and $16 for each extra half hour or part (Strata Schemes Management Regulation 2016 Schedule 4 item 2). Most records are kept for 7 years (s 180).

Pending. At 2 October 2026 the Strata Schemes Legislation Amendment (Miscellaneous) Bill 2026 was before the Legislative Council. It would require a reminder notice 7 to 10 days after a levy falls due (proposed SSMA s 85A) and free two-lot schemes from AGMs, the committee and the 10-year plan (proposed s 7A). It is not law (NSW legislation, bill).

Victoria

Funds. The Owners Corporations Act 2006 does not require a separately named administrative fund: an owners corporation sets annual fees for administration, maintenance and repairs, insurance and other recurring obligations (OCA s 23). An owners corporation with an approved maintenance plan must set up a maintenance fund and keep separate accounts for it (ss 33(2) and 40).

Maintenance plan. Tier one (more than 100 occupiable lots) and tier two (51 to 100) owners corporations must prepare and approve a maintenance plan; others may (OCA s 36). It covers major capital items likely to need repair or replacement over the next 10 years, their condition, timing, cost and expected life (s 37). It can be amended by ordinary resolution, and the owners corporation reports on it at every AGM (ss 37(1A) and 39). Part of the annual fees, set by ordinary resolution and adequate to fund the plan, goes into the maintenance fund (s 42). Money comes out under the plan, by special resolution for other purposes, or for urgent matters such as safety repairs or a court order (ss 43 to 45).

Budget. The proposed budget goes out with the AGM notice and is considered at the AGM (OCA ss 71(2)(f) and 72(2)(e)). Tiers one to three prepare annual financial statements to the Australian Accounting Standards, and tier four in any year it levies fees (s 34). Tier one statements are audited and tier two statements reviewed (s 35).

Levies. Annual fees are based on lot liability. A lot whose particular use adds costs can be charged more, on the basis that the lot that benefits more pays more (OCA s 23(3) to (3B)). Building insurance premiums can instead be levied on lot entitlement (s 23A). The owners corporation decides when fees are payable (s 23(4)). Each fee notice is in the approved form and gives the owner 28 days to pay (s 31).

Discount and interest. The Act (version 024, in force from 9 September 2026) contains no provision for early payment discounts. Interest can be charged only if a general meeting has authorised it, at no more than the Penalty Interest Rates Act 1983 rate (s 29).

Special levies. Special fees and charges can be levied for extraordinary items, based on lot liability, or on a benefit basis where works mainly benefit some lots. A special resolution is needed if the amount is more than twice the current annual fees, unless the money is for urgent repairs needed for safety or to prevent significant loss or damage (OCA s 24).

Spending and borrowing. Unless the owners corporation delegates otherwise, the committee holds all its powers except those needing a unanimous resolution, a special resolution or a resolution at a general meeting (OCA ss 11(3) and (5), and 101). The Act sets no dollar cap on committee spending. An owners corporation may borrow by ordinary resolution up to the amount of its current annual fees, and by special resolution above that (s 25). It cannot mortgage or charge the common property (s 17).

What owners can see. An owner, mortgagee or purchaser can inspect the owners corporation's records at any reasonable time, free of charge, and get copies for a reasonable fee no higher than the prescribed maximum (OCA s 146).

Two-lot and services-only owners corporations are exempt from the accounts, maintenance plan and maintenance fund rules (OCA s 7A).

Watch. The Consumer Legislation Amendment Act 2026 adds hardship payment plans from a date to be proclaimed, no later than 1 December 2027.

Queensland

Most schemes use the Standard Module. The Accommodation, Commercial and Small Schemes Modules follow a similar pattern with different section numbers, and the Specified Two-lot Schemes Module is quite different (see the end of this section).

Funds. The body corporate must keep an administrative fund and a sinking fund, in accounts in its own name (Standard Module s 167).

Budgets. Each year the body corporate adopts, by ordinary resolution, an administrative fund budget for recurring costs and a sinking fund budget. The sinking fund budget covers this year's capital spending and reserves an appropriate share of major spending expected over at least the next 9 years (Standard Module s 160). A professional sinking fund forecast is common but not required by law. The committee's proposed budgets go with the AGM notice, and the meeting may change a budget by no more than 10 per cent, and only to add or remove spending approved or refused at that meeting (ss 160 and 161).

Levies. By ordinary resolution, the body corporate fixes the contributions, the number of instalments and each due date, on the basis of the budgets (Standard Module s 162(1)). Contributions are shared by contribution schedule lot entitlement; building insurance in a building format plan is shared by interest schedule lot entitlement (qld.gov.au, owner contributions). Fixing contributions is a restricted issue the committee cannot decide (s 52(1)(a)), but the committee may fix an interim contribution before the AGM sets the year's levies (s 162(3)).

Notice. A written contribution notice reaches each owner at least 30 days before payment is due, showing the total levied, the amount now due, the due date, any discount, the monthly penalty and any arrears (Standard Module s 163).

Discount and penalty. By ordinary resolution the body corporate may fix a discount of up to 20 per cent for payment by the due date (s 164), and a penalty of simple interest at up to 2.5 per cent for each month a contribution is in arrears (s 165).

Special levies. If a liability arises that the budget does not cover, or does not cover enough, the body corporate fixes a special contribution by ordinary resolution, with its instalments and due dates (Standard Module s 162(2)).

Spending limits. The committee can only spend above the relevant limit for committee spending with an ordinary resolution of the body corporate, the written consent of every owner, an adjudicator's emergency order, or to comply with a statutory order, court or tribunal order, or to put insurance in place (Standard Module s 172). If the general meeting has not set that limit, it is $200 multiplied by the number of lots. Above the relevant limit for major spending (if not set by the general meeting, the lesser of $1,100 per lot and $10,000), at least 2 quotes go to owners with the meeting notice, or the committee must get 2 quotes where it decides (ss 173 and 174; Schedule 6 definitions).

Borrowing. The body corporate may borrow by ordinary resolution, but a resolution without dissent is needed to be in debt for more than $250 multiplied by the number of lots (Standard Module s 171).

What owners can see. Within 7 days of a written request and the prescribed fee, the body corporate lets an interested person, including an owner, inspect its records or gives copies (Body Corporate and Community Management Act 1997 s 205). Accounts are audited each year unless a basic scheme resolves by special resolution not to (s 176).

Other modules. The Accommodation and Commercial Modules allow borrowing by ordinary resolution too, but being in debt for more than $250 multiplied by the number of lots needs a special resolution, not a resolution without dissent (Accommodation Module s 161; Commercial Module s 121).

Small and two-lot schemes. Under the Small Schemes Module the body corporate adopts the budgets by ordinary resolution, an audit is optional, and being in debt for more than $3,000 in total needs a resolution without dissent (Small Schemes Module ss 79, 90 and 95). In a specified two-lot scheme there are no budgets: owners share only agreed expenses and those the law requires, such as insurance, with no discount or penalty (Specified Two-lot Schemes Module ss 23 to 27).

Western Australia

Funds. A strata company must have an administrative fund for managing the common property, insurance and its other obligations. A designated strata company (10 or more lots, or a scheme building replacement cost over $5 million) must also have a reserve fund for major future expenses, and any other strata company may have one (Strata Titles Act 1985 s 100(1), (2) and (7); Strata Titles (General) Regulations 2019 reg 79). A two-lot scheme need not have an administrative fund unless its by-laws require one (s 140(1)(b)).

10 year plan. A designated strata company must have a 10 year plan of the common property and personal property expected to need maintenance, repair, renewal or replacement, with estimated costs, revised at least once every 5 years (s 100(2A); reg 77 lists what it must contain, including a condition report and a funding plan).

Budget. A budget is prepared for each financial year, taking the 10 year plan into account, and submitted to the AGM for approval by ordinary resolution, with or without changes. It can be varied later by ordinary resolution (STA s 102(1) to (4)). If it provides for improvements to common property costing more than $500 multiplied by the number of lots, owners get prescribed information and the budget needs a special resolution (s 102(5); reg 80).

Levies. The strata company decides the amounts to raise and levies them in proportion to unit entitlement, or another basis set by the by-laws for the administrative fund. Reserve fund contributions always follow unit entitlement. These decisions are made by resolution of the strata company, unless the by-laws let the council make them (s 100(1) to (3)). A contribution is due as the levying decision says; the Act sets no minimum notice period (s 100(4)(a)).

Discount and interest. The Act has no early payment discount. An unpaid contribution carries simple interest at 11 per cent a year automatically, unless the strata company decides on no interest or a lower rate (s 100(4)(b); reg 78).

Special levies. WA has no separate special levy procedure. Further contributions are decided in the same way as any other contribution under s 100, and spending outside the budget must fit one of the routes below.

Spending outside the budget. A strata company must not spend money the approved budget does not authorise, except: up to $500 per lot in a financial year (or a different amount fixed by special resolution); spending notified to all owners and first mortgagees in the approved form with at least 2 quotes, where owners of 25 per cent of the lots or of the unit entitlement do not object within 14 days; or spending a court, tribunal or statutory notice requires (s 102(6) and (7); regs 81 and 82).

Borrowing. A strata company may borrow and secure the loan, including by mortgaging unpaid contributions (s 116(1)(c) and (d)), but it cannot mortgage the common property or act as a guarantor (s 117).

What owners can see. On an application under s 107, the strata company makes its records, the roll and other documents available for inspection at an agreed time, or one it sets within 10 days, in electronic or hard copy, and the applicant may photograph or copy them (s 109). Fees are capped by the regulations (regs 86 to 88). Records of special, unanimous and without dissent resolutions are kept 20 years, most others 7 (reg 83).

South Australia

South Australia has two regimes: strata corporations under the Strata Titles Act 1988 (no new strata plans since 1 June 2009) and community corporations under the Community Titles Act 1996, which includes community strata schemes. Both Acts were read in their current versions (in force since 9 December 2021, with no later amendment yet in operation), together with the Strata Titles Regulations 2018 as in force from 1 September 2026 and the Community Titles Regulations 2026, which replaced the 2011 regulations from 1 September 2026.

Strata corporations. A strata corporation may raise the funds it thinks necessary, including reserve funds for future capital spending, and is not required to keep a sinking fund (Strata Titles Act 1988 s 27(1)). Contributions are levied by ordinary resolution against all unit holders, by unit entitlement unless a unanimous resolution sets another basis, and may be paid in instalments (s 27(2) to (4)). The same power covers a further levy during the year. There is no statutory notice period and no discount provision. Interest applies only if fixed by ordinary resolution, at no more than 15 per cent a year, and never on unpaid interest (s 27(4)(b); Strata Titles Regulations 2018 r 11). Each AGM receives the accounts and a statement of estimated recurrent and non-recurrent spending, reserves and the contributions needed (ss 33(4b), 33A and 40). A strata corporation may borrow money to carry out its functions (s 26(1)(b)).

Forward plan. A plan of proposed non-recurrent (sinking fund) spending is presented at each AGM: a 3-year plan renewed every 3 years for 7 to 20 units or lots, or a 5-year plan renewed every 5 years for more than 20. Schemes of 6 or fewer, and those whose common property buildings and improvements are insured for $200,000 or less, are exempt (Strata Titles Act 1988 s 33A; Strata Titles Regulations 2018 r 16; Community Titles Act 1996 s 113(1)(aa) and (1a); Community Titles Regulations 2026 r 24).

Community corporations. A community corporation must keep a sinking fund for non-recurrent spending and an administrative fund for everything else (Community Titles Act 1996 s 116). Contributions are fixed by ordinary resolution in general meeting, not by the management committee, in proportion to lot entitlement unless a unanimous resolution says otherwise (s 114(1) to (3)). Each contribution notice is served at least 14 days before payment is due and states the lot, the amount and instalments, the due date, the total being raised and its purpose, the interest rate and who to pay (s 114(6); Community Titles Regulations 2026 r 26). Interest is fixed by ordinary resolution, at no more than 15 per cent a year and never on unpaid interest (s 114(4)(b); r 25). Spending is authorised by resolution at the level the regulations set: an ordinary resolution below $5,000 multiplied by the number of lots; a special resolution at or above that and below $10,000 multiplied by the number of lots, or at any amount above the first threshold for works a council or public authority requires; and a unanimous resolution for anything larger (s 119; r 27). Accounts are audited unless contributions for the year and the opening balance of each fund are each $30,000 or less, all lots have one owner, or a residential scheme of 6 or fewer lots resolves unanimously not to (s 138; r 30).

What owners can see. Within 5 business days of an application, a strata corporation gives an owner particulars of contributions, assets, liabilities and expected spending, copies of minutes (up to 2 years), the last statement of accounts, the articles and current insurance policies, and makes the accounting records, minute books, any body corporate manager's contract and the register of unit holders available for inspection (Strata Titles Act 1988 s 41(1)). An owner can also ask for quarterly bank statements for all the corporation's accounts, unless a body corporate manager keeps the accounts (s 41(1a) and (1b)). For an owner, information and inspection are free and copies cost $10 per application (Strata Titles Regulations 2018 r 31). Community corporations have the same rights within 5 business days (Community Titles Act 1996 s 139; Community Titles Regulations 2026 r 31).

Tasmania

Fund. A body corporate must keep one fund for its financial obligations. All income goes in and all spending comes out. It may split the fund into a recurrent part and a capital part, and must keep it at a level sufficient to meet reasonably foreseeable spending (Strata Titles Act 1998 s 82). There is no required sinking fund plan or maintenance plan.

Budget. The Act requires no formal budget. In practice the AGM considers the spending expected and the contributions needed.

Levies. The body corporate levies contributions to raise what it decides is needed for expected spending, or for any other purpose agreed by ordinary resolution. In a strata scheme they are proportionate to unit entitlement; in a community scheme they follow the management statement (s 83(1) and (2)). A contribution falls due on a date the body corporate fixes and tells owners about in writing, with the amount; there is no minimum lead time (s 83(3)). The same power covers a further levy during the year. The Recorder of Titles will not order payment of contributions that were not properly levied at a general meeting (NRE Tasmania, Strata Title FAQs).

Discount and interest. There is no early payment discount provision. Interest accrues on overdue contributions at a rate fixed by resolution on a fair and reasonable basis, with no cap; the Recorder can vary an unreasonable rate and remit interest (ss 84 and 117).

Spending and borrowing. The Act sets no committee spending limit and has no express borrowing provision. A committee is optional, and acts under the body corporate's control.

What owners can see. A member can inspect committee minutes on request (s 79(6)) and the current insurance policies (s 104). An owner can get a certificate of contributions payable, arrears and information about the funds (s 83(5)). The Recorder can order a body corporate to supply information or make records available that were wrongly withheld (s 118).

Pending. The Draft Strata Titles Amendment Bill 2026, open for consultation until 25 October 2026, proposes changes including maintenance plans and audits. It is not law.

Australian Capital Territory

Funds. An owners corporation must have an administrative fund, may set up special purpose funds by special resolution, and together these are its general fund. With 4 or more units it must also keep a sinking fund (Unit Titles (Management) Act 2011 ss 72 to 74 and 81).

Sinking fund plan. With 4 or more units, the owners corporation approves a 10-year sinking fund plan by ordinary resolution, setting out the expected spending and the yearly sinking fund contributions needed (UTMA s 82). The first plan is due within 12 months of the first AGM; it is reviewed within 4 years and then within every 5, and a new plan is approved at least 12 months before the old one ends (ss 84 and 85). It can be amended by ordinary resolution at any time (s 86). Sinking fund money can only be spent consistently with the plan (s 88).

Budget. At each AGM the owners corporation approves, by ordinary resolution, a general fund budget for the year: total contributions, other income, and spending on day-to-day maintenance, insurance and recurring costs (UTMA s 75). General fund money can only be spent as the budget approves or as authorised by ordinary resolution (s 77). The executive committee presents the annual financial statements at the AGM within 3 months of their end date (Schedule 2 s 2.2). Accounts are audited where there are more than 100 units or the annual budget, counting fund balances, is over $250,000 (Schedule 2 ss 2.1 and 2.1A).

Levies. General fund and sinking fund contributions are shared in proportion to unit entitlement, or by a fair method set by special resolution (UTMA ss 78 and 89). The owners corporation may determine general fund contributions "from time to time", which is also how a further levy is raised during the year (s 78(1)). The notice shows every unit's contribution, the fund split, how the unit's share is worked out, a payment-in-full date no later than 28 days after the notice, any instalments, how to pay, and any discount and interest (ss 79 and 90). Sinking fund notices go out within 1 month after each AGM (s 90(1)).

Discount and interest. A discount for early payment can be set by ordinary resolution; the Act sets no maximum (s 93). Unpaid amounts bear simple interest at 10 per cent a year automatically unless decided otherwise; a rate below 10 per cent, or above it up to 20 per cent, needs a special resolution (s 94).

Borrowing. Borrowing, and securing a loan, needs a special resolution (UTMA s 70). The common property lease cannot be mortgaged (s 20(2)).

What owners can see. Within 14 days of a written request and a fee no higher than the Minister's determination, the owners corporation lets an eligible person inspect the corporate register and its other records and take copies (UTMA s 120A). Minutes of general and committee meetings go to every owner within 14 days, and records are kept for at least 7 years (Schedule 2 s 2.1).

Northern Territory

The NT has two regimes: schemes from 1 July 2009 under the Unit Title Schemes Act 2009 and its management modules, and older units plans under the Unit Titles Act 1975.

Funds and plans. The 2009 Act and modules do not require named funds, a sinking fund or a maintenance plan. Annual contributions pay for the administration of the body corporate, maintenance and repairs of the common property, required insurance and other reasonable costs (Unit Title Schemes (Management Modules) Regulations 2009, Module 2 cl 49). A body corporate can still choose to save for future costs within its budget.

Budget. Under Module 2 (standard schemes with 4 or more owners, or higher schemes), the proposed budget goes out with the AGM notice, and the AGM approves a budget for the next financial year (Module 2 cls 30 and 32). The committee prepares an annual financial statement of income, spending, assets and liabilities and presents it at the AGM (cl 55). An audit is optional, if the AGM decides on one (cl 56). Module 3 (small schemes) requires no budget or financial statement.

Levies. The body corporate decides the annual contributions and how they are paid (Module 2 cl 48). Each owner's share follows the unit's contribution entitlement (Unit Title Schemes Act 2009 s 39(3)). There is no minimum notice period and no early payment discount provision.

Interest. The body corporate may charge interest on late contributions and special levies at a rate it decides, no higher than the rate fixed for s 85 of the Supreme Court Act 1979; if it does not decide a rate, that Supreme Court rate applies (10.35 per cent a year from 1 July to 31 December 2026, reset each 1 January and 1 July). It may waive interest in a particular case (Module 2 cl 52).

Special levies. A levy for a single item of spending, its amount and how it is paid, needs a special resolution. A levy for a recurring class of spending needs a unanimous resolution (Module 2 cls 50 and 51; Module 3 has matching clauses). The share follows contribution entitlement.

Spending and borrowing. The body corporate may set a maximum the committee can spend on repairs or improvements to the common property without its authority (Module 2 cl 24). There is no default figure. A mortgage or charge over a body corporate asset to raise funds needs a resolution without dissent (cl 54).

What owners can see. Records are kept for 7 years. An owner, mortgagee or intending buyer is given access within 10 working days of an application on the committee's form with a $30 fee or a request to waive it (Unit Title Schemes Act 2009 s 81(2) and (3); Module 2 cls 55, 57 and 58).

Pre-2009 units plans. The corporation decides the contributions it needs, shares them by unit entitlement unless a unanimous resolution sets another split for a particular liability, and tells each member the amount and when and how to pay (Unit Titles Act 1975 s 36). There is no statutory interest on late contributions, and only the treasurer, or someone the committee directs to act with the treasurer, may receive and spend the corporation's money (s 51).

If it goes wrong: where to get help

State	Contact first (information)	Who decides disputes
NSW	NSW Fair Trading, including free mediation	NSW Civil and Administrative Tribunal (NCAT); levy debts can also go to a court
VIC	Consumer Affairs Victoria	The owners corporation's internal dispute process, then VCAT
QLD	Office of the Commissioner for Body Corporate and Community Management	Commissioner's conciliation and adjudication; levy debts go to QCAT or a court
WA	Landgate, strata titles	State Administrative Tribunal; levy debts go to the Magistrates Court
SA	Consumer and Business Services and the Legal Services Commission	The Magistrates Court (District Court with permission) for disputes (Strata Titles Act 1988 s 41A; Community Titles Act 1996 s 142); unpaid levies are recovered as a debt
TAS	Land Titles Office, strata information	The Recorder of Titles, with appeal to the Tasmanian Civil and Administrative Tribunal (TASCAT) (Strata Titles Act 1998 s 144)
ACT	Access Canberra	ACT Civil and Administrative Tribunal (ACAT)
NT	NT Government, dealing with a body corporate	NT Civil and Administrative Tribunal (NTCAT)

How FairLot helps

FairLot is software the committee uses. It never holds the scheme's money, never sets levies and never decides anything for the owners.

• Levies and arrears: levy schedules, notices and statements, with payments going straight into the scheme's own account. FairLot warns when a notice gives less than your state's minimum lead time, or when a proposed interest rate or discount is above the limit, and applies automatic interest only where your state's law does.
• Statutory forms: levy and final notices for your state, filled in from your records, with the official form linked where the law requires one.
• Meetings and notices: AGM notices with the budget and contribution motions your state's AGM needs, and the right notice period.
• Compliance calendar: reminders for the 10-year plan review, sinking fund budget, maintenance plan report, forward plan or audit your state and scheme size require.
• Owner portal and documents: owners see their levies, the budget, accounts and minutes themselves, which covers much of what they would otherwise ask to inspect.
• Audit trail and export: every change is recorded with who made it and when, and everything can be exported at any time.

Common questions

Can the committee put the levies up without a meeting?

No, in every state the levies are set by the owners at a general meeting, usually the AGM. The exceptions are narrow: in Queensland the committee can set an interim contribution until the AGM fixes the year's levies, and in WA the by-laws can give the council the power. Everywhere else the committee prepares the budget but the owners vote on it.

What is the difference between the admin fund and the sinking fund?

The administrative fund pays recurring costs such as insurance, cleaning, gardening and minor repairs. The long-term fund (capital works fund in NSW, maintenance fund in Victoria, reserve fund in WA, sinking fund elsewhere) saves for large, less frequent items like painting, roofs, lifts and driveways. Tasmania has one fund that may be split into recurrent and capital parts, and the NT's 2009 Act does not require separate funds.

Why does my neighbour pay a different levy from me?

Levies are shared by each lot's entitlement (unit entitlement, lot liability, contribution schedule lot entitlement or contribution entitlement, depending on the state), which is fixed when the scheme is created and usually reflects size or value. Some states also let a scheme charge more to a lot whose use adds costs, or share works that benefit only some lots on a benefit basis (Victoria's OCA ss 23 and 24, and the ACT's fair method by special resolution).

Can we get a discount for paying on time?

Only in NSW (10 per cent, by general meeting resolution), Queensland (up to 20 per cent, by ordinary resolution) and the ACT (by ordinary resolution, no maximum set). Victoria, WA, SA, Tasmania and the NT have no early payment discount provision.

How is a special levy approved?

By a resolution at a general meeting in every state. It is an ordinary resolution in Queensland, WA, SA, Tasmania and the ACT, and a resolution at a general meeting in NSW. In Victoria it needs a special resolution if it is more than twice the annual fees (unless it is for urgent safety repairs). In the NT a levy for a single item needs a special resolution and a recurring levy a unanimous resolution. SA community corporations also need a special or unanimous resolution for large spending, measured per lot.

Do we need a 10-year maintenance plan?

NSW: yes, every scheme (a detached two-lot scheme may opt out of the capital works fund), in the standard form when the plan is revised or replaced. Victoria: yes for 51 or more occupiable lots, optional below. Queensland: no separate plan, but each year's sinking fund budget must reserve for at least the next 9 years. WA: yes for 10 or more lots or a building replacement cost over $5 million. SA: a 3 or 5 year forward plan for 7 or more lots unless the common property is insured for $200,000 or less. ACT: yes for 4 or more units. Tasmania and the NT: no.

Can the committee spend money that is not in the budget?

Only within limits. Queensland has a committee spending limit ($200 per lot by default) and needs 2 quotes for major spending. WA allows up to $500 per lot a year outside the budget, or more after a 14-day objection period. The ACT allows general fund spending outside the budget only by ordinary resolution. SA community corporations need a special or unanimous resolution for large spending. In the NT the body corporate may set a committee limit. NSW needs 2 independent quotes above $30,000 and caps a large scheme at 10 per cent over each AGM estimate, but sets no general dollar cap on the committee. Victoria and Tasmania set no dollar cap. Everywhere, the committee cannot decide matters reserved for a general meeting. All states allow urgent or legally required spending.

Can our scheme take out a loan?

Generally yes. Queensland: ordinary resolution, and to owe more than $250 per lot, a resolution without dissent under the Standard Module or a special resolution under the Accommodation and Commercial Modules ($3,000 in total under the Small Schemes Module). Victoria: ordinary resolution up to one year's annual fees, special resolution above that. ACT: special resolution. NSW: a resolution at a general meeting approving the loan. WA and SA strata corporations have a power to borrow. NSW, Victoria, WA and the ACT do not allow the common property itself to be mortgaged or charged. In the NT, a mortgage or charge over a body corporate asset needs a resolution without dissent.

Can I see the scheme's bank statements and accounts?

Yes. Every state gives owners a right to inspect the scheme's financial records: Victoria free of charge at a reasonable time, Queensland within 7 days, WA within 10 days, the ACT within 14 days, the NT within 10 working days, SA within 5 business days, and NSW within 10 days if no time is agreed. Fees and the exact records covered vary by state.

Sources

• Strata Schemes Management Act 2015 (NSW) : ss 36, 73, 74, 79 to 85, 92, 95, 100, 102, 180, 182 and 183 (current version for 26 August 2026, read in the browser 2026-10-02).
• Strata Schemes Management Regulation 2016 (NSW) : cll 17I, 21 and 25 and Schedule 4 fees (current version for 26 June 2026).
• NSW Fair Trading, guide to strata law changes (updated 1 October 2026) : standard form for 10-year plans.
• Strata Schemes Legislation Amendment (Miscellaneous) Bill 2026 (NSW) : pending reminder notices and two-lot exemptions.
• NSW Fair Trading, finances and insurance : funds and 10-year plan overview.
• NSW Fair Trading, levies and levy notices : notice periods, special levies, hardship statement.
• NSW Fair Trading, record keeping requirements : inspection timing and fees.
• Owners Corporations Act 2006 (Vic) : ss 7A, 11, 17, 23 to 25, 29, 31, 33 to 45, 101 and 146, read from the current authorised version (version 024, from 9 September 2026).
• Consumer Affairs Victoria, fees : annual and special fees overview.
• Standard Module Regulation 2020 (Qld) : ss 52 and 160 to 176 and the spending limit definitions.
• Accommodation Module Regulation 2020 (Qld) s 161, Commercial Module Regulation 2020 (Qld) s 121 and Small Schemes Module Regulation 2020 (Qld) ss 79, 90 and 95 : borrowing, budgets and audit in the other modules.
• Body Corporate and Community Management Act 1997 (Qld) : s 205, access to records.
• qld.gov.au, owner contributions : lot entitlement and insurance sharing.
• Strata Titles Act 1985 (WA) : ss 100 to 102, 109, 116 and 117.
• Strata Titles (General) Regulations 2019 (WA) : regs 77 to 83.
• Strata Titles Act 1988 (SA) : ss 26, 27, 33, 33A, 40, 41 and 41A; and Community Titles Act 1996 (SA) : ss 113, 114, 116, 119, 138, 139 and 142 (current versions in force from 9 December 2021, read on the register 2026-10-02).
• Strata Titles Regulations 2018 (SA) : rr 11, 16 and 31 (version in force from 1 September 2026); Community Titles Regulations 2026 (SA) : rr 24 to 27, 30 and 31 (in force from 1 September 2026).
• Strata Titles Act 1998 (Tas) : ss 79, 82 to 84, 104, 117, 118 and 144.
• NRE Tasmania, Strata Title FAQs : properly levied contributions.
• Unit Titles (Management) Act 2011 (ACT) : ss 68 to 95 and 120A, Schedule 2.
• Unit Title Schemes (Management Modules) Regulations 2009 (NT) : Module 2 cls 24, 30, 48 to 58.
• Unit Title Schemes Act 2009 (NT) and Unit Titles Act 1975 (NT) : contribution entitlement, records and access (s 81), pre-2009 plans.