PO Box 411
Stanhope Gardens NSW 2768
Email: enquiries@keystrata.com.au
Phone: 0490 000 812

Key Strata Management


Why do I need to pay levies?

When you buy into a Strata, Community or Neighbourhood property, you become part owner of the common property.  The common property is the property you share with all the other owners of the property.  This shared property needs to be maintained, therefore levies have to be collected to pay for ongoing, everyday expenses such as electricity and gardening and also for long-term expenses such as repainting the common areas. 
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Why are the amounts due on my levy notice shown under ‘Admin Fund’ and ‘Sinking Fund’?  What does that mean?

Your levies are paid into two different funds:  The Administration Fund and the Sinking Fund.  Money in the Administration Fund pays for everyday expenses such as the gardening while money in the Sinking Fund is banked for a longer period until major expenses such as repainting are required.
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I am having trouble paying my levies.  Can I skip a payment?

When a levy payment is due, you are automatically given a one-month grace period during which no interest will be charged.  Once the month expires, you will normally be charged interest.  Currently, the rate is 10% per annum.  If levies remain in arrears you may be charged additional fees.  The Owners Corporation (the owners as a group) may also take you to court to recover the debt. 
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Who decides how much levies I have to pay?

This decision is made by the owners and is done in the following way: once a year, all owners are sent a notice inviting them to attend an Annual General Meeting (AGM).  A proposed budget is included with the notice of the AGM.  The proposed budget would have already been prepared by the Strata Manager with the help of members of the Executive Committee (the representatives of all owners). 

The proposed budget would include an estimate of the amount of money needed to pay the costs for the following year.  At the Annual General Meeting, the owners who attend will then vote on whether to adopt (accept) the proposed budget or not.  If the owners adopt it, you will pay for your share of those expenses through your levies.  If the owners decide that they would like to change the proposed budget, they can.
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How often do I have to pay levies?

Levies are normally paid once in each three-month period (quarterly).
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How do I know when my levies are due?

Key Strata will send you a levy notice well before the due date of each notice, however, please note that you are responsible for paying your levies even if you do not receive a notice.  It is best to record due dates so that you make sure that you do not miss a payment.  Due dates are shown in the minutes of the Annual General Meeting. 
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I cannot attend the meeting but I would like to have a say.  How can I do that? 
If an owner cannot attend the meeting, he/she can lodge a proxy form.  That way, they can still vote on any matter – even if they cannot attend the meeting. 
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What is a Proxy form? 
A proxy form is a document that enables another person to vote on the owners behalf.  You will find a copy under the section titled Á Guide to Links and Resources’.  Owners often name the Chairperson as their proxy, however, a friend or any other person can also be named. When completing the proxy form, it is best to clearly indicate how you wish to vote.  That is, whether you are in favour, against or you wish to abstain from voting on each motion. 
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I do not want to attend meetings and I prefer not to appoint a proxy.  Is that OK?Whether you attend a meeting or you choose to appoint a proxy is entirely up to you.  You do not have to do either.  However, please be aware that if a quorum (25% of lot owners who have paid up their levies or paid up owners holding 25% of unit entitlements) is not established, the meeting will have to be postponed. 
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My unit is in my partner’s name.  Can I give my partner’s proxy to my friend? 
No.  You may not because the unit is not in your name.  However, your partner can give his/her proxy to your friend or to whoever else he/she wishes. 
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I have read the agenda. There is a matter that I would like to discuss and vote on which is not on it.  Can we discuss and vote on it anyway? 
Only matters on the agenda can be discussed and voted on.  This ensures that all owners are aware that a particular topic will be discussed and it gives everyone the opportunity to have a say. If there is a matter which you would like to discuss and vote on, please forward a motion to our office so that we can put it on the agenda for the next meeting.  If you would like assistance with writing a motion, please contact us and we will help you. 
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What are Unit Entitlements? 
A Unit entitlement is your share of the whole property.  A simple example would be an area with 5 identical townhouses built on it.  If the total unit entitlements are deemed to be 100 then each owners unit entitlement will be 20 (100 shared by 5).   In reality, a unit located on the ground floor of a high rise building is likely to have significantly less unit entitlements than a penthouse unit in the same building.  The unit with more unit entitlements will have more voting power but will also pay more levies.
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What are By-Laws? 
By-Laws are a set of rules that all owners, occupiers and guests must comply with.  The most common By-Laws regulate noise, parking and the keeping of animals. 
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I am moving out.  Do I need to let you know? 
If you are moving and need to have your contact details updated, you need to let us know.  Please download our ‘Update of Contact Details’ form, complete it and send it back to us. If you have new tenants or your rental managing agent details have changed, please also inform us.
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