All Management Corporation (MC) have a legal right to claim interest from late-paying owners.
The statutory right to interest and compensation applies to all Maintenance fee & Sinking Fund Late payments create cash flow problems and expose the body the risk notable to properly maintaining the common property.
Interest on late payments
The right to charge interest
Under Section 45: (3) C of the Strata Title Act 318.
When is interest calculated?
The interest shown on the Notice of MC’s invoice (Assessment) bill is the interest owing as of the “assessment date/previous invoice” is itemised separately, shown on the Notice of Invoice billing (Assessment). The interest calculation is based on 10% per annum basis, however a daily compoundinterest and is assessed on the outstanding amount due to MC in account balance. What If, an overpayment exists in the account? No LPI will be levy
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