How to Calculate Your Body Corporate Levies Using AGM Minutes
If you’re a lot owner in a community scheme, understanding your upcoming contributions—or “levies”—can seem like decoding a financial puzzle. But with a little know-how and the right documents, it’s surprisingly straightforward.
In this post, we’ll walk you through how to calculate your body corporate levies using information found in your Annual General Meeting (AGM) minutes and your community’s schedule of lot entitlements.
What Are Levies?
Levies are the fees collected by the body corporate to maintain and manage the common property and shared services within your community. These expenses are distributed among lot owners according to their lot entitlement.
Understanding Lot Entitlements
Your lot entitlement is essentially your share of the total costs. Every property in the community has a set entitlement, which determines what proportion of the total expenses you’re responsible for. You’ll find this information in the community’s CMS (Community Management Statement) or by-laws.
Where to Find the Details
There are two key documents you’ll need:
1. AGM Minutes
After each Annual General Meeting, minutes are sent out to all owners or their representatives. These include:
• The approved budget for the financial year
• The total levy amounts for the administrative and sinking funds
2. Schedule of Lot Entitlements (via the CMS)
This schedule lists every lot’s entitlement, which you’ll use to calculate your share of the levies. These are typically available through your Strata Max Owners Portal.
Step-by-Step: Calculating Your Levies
1. Find the Total Budget
Check the AGM minutes for the total contributions approved for:
• The Administrative Fund (covers day-to-day costs)
• The Sinking Fund (saves for long-term maintenance)
Example:
• Administrative Fund per unit of entitlement = $500
• Sinking Fund per unit = $252.25
2. Check Your Lot Entitlement
Locate your lot entitlement in the CMS.
Example: Your lot entitlement is 10.
3. Do the Maths
Multiply your lot entitlement by the contribution amount per unit:
• Administrative Fund
• Due 1 July: 10 × $500 = $5,000
• Due 1 October: 10 × $500 = $5,000
• Sinking Fund
• Due 1 July: 10 × $252.25 = $2,522.50
• Due 1 October: 10 × $252.25 = $2,522.50
4. Insurance Contributions
If applicable, these are usually based on interest entitlement and are also outlined in the CMS.
5. Add It All Up
Combine all applicable funds to get your total levy. For example:
• Total due 1 July = $5,000 (Admin) + $2,522.50 (Sinking) = $7,522.50
• Pay early? You might be eligible for a 20% discount.
• $7,522.50 × 0.8 = $6,018
A Few Final Tips
• Timing: Levies are issued 40 days before their due date. Make sure your contact details and communication preferences (email/post) are up to date.
• Payment Schedules: These can vary—often quarterly—so check your AGM minutes carefully.
• Special Levies: These are one-off charges approved separately and will be clearly outlined in the meeting minutes.
If you need help accessing your CMS or understanding your contributions, the Peak Body Corporate team is here to help.