BODIES corporate will need to change the way they charge fees this year, as the State Government plans to adjust calculations towards a fairer system.
Minister for Fair Trading Peter Lawlor says the current system makes all body corporate contribution lot entitlements equal, which means even residents with small apartments can pay the same as those with penthouses.
“This is a much needed change. The Act has had a loophole which unfairly allowed some unit owners to get away with paying less than their fair share of body corporate fees at the expense of others,” says Lawlor.
“We’re putting a stop to this and changing the law so it’s fairer for everyone all round. For a ‘building format plan’ — typically used for multi-storey developments — developers will have to set lot entitlements by some legislative guidelines but there could be scope for them to factor in market conditions and values of property.”
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support