Changes for bodies corporate

MARCH 2010

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.”

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

The party’s over: Splendour in the Grass festival cancelled for 2024

The party’s over: Splendour in the Grass festival cancelled for 2024

Splendour in the Grass, Australia’s largest winter music fest...