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The interest schedule lot entitlement for a lot is the basis for calculating a lot owner’s share of the common property and body corporate assets if the scheme is terminated.

It is also used for calculating the unimproved value of a lot for the purpose of a charge, levy, rate or tax payable to a local government or other authority and that is calculated on the basis of unimproved value.

It is also used to calculate the proportion a lot owner contributes to the costs of replacement insurance for the common property and body corporate assets.

 

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