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The amounts of each lot owner’s contributions for the administration fund, insurance fund {if required} and sinking fund are set in accordance with the lot entitlements allocated to the lot, which is recorded in the body corporate Community Management Statement (CMS).  The share of the budgets for each lot is set in accordance with the rate of contribution per unit of lot entitlement or the interest entitlements where applicable and is based on the budgets approved at the AGM. Subsequently each lot’s share of the budgets is the rate  approved at the AGM multiplied by the amount of lot entitlements.

To calculate your contributions, you can obtain your contribution entitlements from a copy of your Contribution Notice.  Contribution Entitlements are used to calculate the Administrative Fund and Sinking Fund amounts due and the Interest Entitlement is used to calculate the Insurance Reimbursement amount.  These rates per entitlement are shown in the table set out in the budget resolutions in your annual general meeting minutes.

 

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Last edited by anne clements - SSKB
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