Nov 14 2018
Our Participation Quota
Posted in Woodbridge Island News
Every section within Woodbridge Islands sectional title scheme has a participation quota allocated to it. This participation quota is calculated, using a legislated formula, to establish each owner’s levy contribution on Woodbridge Island.
The participation quota allocated to each section is used to calculate each owner’s share of the Island’s common expenses and the value of each owner’s vote. It is calculated by dividing the number of square metres occupied by the owner’s section by the total floor area of all sections. Effectively, total square meters of all sections ÷ total square meters of an individual unit = Participation Quota as a percentage to 4 decimal places.
Each sections allocated participation quota of each owner will determine:
- the extent of the common property which is allocated to each section
- the value of the vote of each owner
- the liability of each sections owner to make contribution to cover common expenses
- the liability of each sections owner for debts of the Body Corporate
Levies are calculated by the participation quota of each unit and used used mostly for the repair, upkeep, control, management and administration of the common property.