NSW: Q&A What Interest Can Be Charged on Overdue Strata Fees? From When?

Question: For the purpose of calculating overdue strata fees, could you please advise when it is deemed that an electronic transfer of a Strata unit owners levy fee is deemed to have been paid?

Answer: Funds are deemed received when the recipient may access funds.

In our view, electronic funds transfers should be treated like personal cheques ie funds are deemed received when the recipient may access such funds, in other words, when cleared funds stand to the credit of the Owners Corporation’s bank account.

For the full question and our detailed response, visit the original publication at Look Up Strata. Do you have a question relating to your property or development? Contact us!

Please note that this article is provided for information purposes only and is not a substitute for professional legal advice.