Queensland Subordinate Legislation as Made

BODY CORPORATE AND COMMUNITY MANAGEMENT (STANDARD MODULE) REGULATION 2020 - REG 165

165 Penalties for late payment

(1) The body corporate may, by ordinary resolution, fix a penalty to be paid by owners of lots if a contribution, or an instalment of a contribution, is not received by the body corporate by the date for payment fixed in notices of contribution given to the owners.

(2) The penalty must consist of simple interest at a stated rate, of not more than 2.5%, for each month the contribution or instalment is in arrears.

Example—

Suppose that—

1 a contribution of $400 is payable in 4 instalments of $100 and the body corporate has fixed a penalty interest rate of 2% per month; and

2 an account requiring payment of an instalment of $100 by 31 March is given to an owner of a lot; and

3 the instalment is not paid until 27 June.

In this case, the instalment has been in arrears for 2 months and a penalty of $4 is payable.