"Strata wouldn't be Strata without levies but they are a critical and essential part of ensuring you protect the value of your property.  Certain levies must be determined and administered by the Owners Corporation and levy notices have to be issued on a regular basis.  Here's an idea of what's involved."

The Owners Corporation must determine administrative and sinking fund levies.  The amount of these levies must be supported by a budget which must be tabled at a general meeting.

The budget must take into account actual and expected expenditure and the existing financial situation of the Owners Corporation.

Levies are generally determined at each annual general meeting.  The Owners Corporation must make its first determination of levies within 14 days of its constitution (ie when the strata plan is registered).

The amount of levies is payable by owners based on the unit entitlement of the lot.  Levies are usually payable quarterly and a levy notice is issued by the treasurer of the Owners Corporation or the strata managing agent.

Insufficient funds in either administrative or sinking fund to pay for a required expense
The Owners Corporation is permitted to transfer monies from one fund to another resulting in a deficit in one fund that is covered by a surplus in the other fund.  However, this money is to be repaid within 3 months by way of a special levy.

INTEREST
If a levy is not paid within 1 month after it's due, interest accrues at 10% per annum.