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Check out our Complete Guide to Body Corporate Levies
Body corporate contributions or more commonly referred to as body corporate levies, pay for the operation of the body corporate which in turn maintains and manages the common property and shared areas in your community titles scheme.
To support the administration of the body corporate, levies are collected from each lot owner. These are based on annual budgets, and are often divided into quarterly or 6-monthly periods to provide a regular cash flow into the body corporate.
The levies are collected into different funds, each having a separate and distinct purpose under the legislation. All bodies corporate have an administrative fund and a sinking fund, but may also have others depending on the type of scheme and its individual operations.
Body corporate administrative fund
It does not pay for any capital work or capital expenses for the common property.
What does the body corporate administrative fund pay for?
- On-site building manager/caretaker
- Insurance
- Electricity
- Water
- Grounds and garden maintenance
- Cleaning
- Tax & tax return costs
- Legal fees
- Body corporate management costs
- Registration or compliance fees (e.g. lift registration, pool safety certificate)
- Swimming pool maintenance
- Consultant’s advice
- Insurance valuations
- Compliance reporting (e.g. WHS and fire)
- Fire equipment service contract
- Garage door/gate service contract
- Lift service contract
- Plumbing repairs
- Electrical repairs
- Repairs and maintenance of any type
Body corporate sinking fund
The sinking fund is like a savings account for the anticipated major work and capital improvement work for the building.
What does the body corporate sinking fund pay for?
- Painting
- Driveway resurfacing
- Structural underpinning
- Physical or chemical termite barrier installation
- Pool resurfacing
- Pool equipment replacement
- BBQ area furniture replacement
- Garden overhaul with new plants and design
- Replacing fencing
- Replacing carpets in common areas
- Foyer renovation
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