85Interest, discounts on contributions and payment plans

#### 85 Interest, discounts on contributions and payment plans 85 Interest, discounts on contributions and payment plans > > (1) A contribution, if not paid when it becomes due and payable, bears until paid simple interest at an annual rate of 10% or, if the regulations provide for another rate, that other rate. > > > (2) Interest is not payable if the contribution is paid not later than one month after it becomes due and payable. > > > (3) However, an owners corporation may by resolution determine (either generally or in a particular case) that a contribution is to bear no interest. > > > (4) An owners corporation may, by resolution at a general meeting, determine (either generally or in a particular case) that a person may pay 10% less of a contribution levied if the person pays the contribution before the date on which it becomes due and payable. > > > (5) An owners corporation and an owner may agree to enter into a payment plan for the payment of overdue contributions. > > > (5A) A request by an owner to enter into a payment plan (the request) may be reasonably refused by the owners corporation. > > > (5B) The regulations may prescribe what constitutes a reasonable refusal in relation to payment plans. > > > (5AA) A payment plan is limited to a period of 12 months but a further plan may be agreed to. > > > (5AB) An owners corporation must not, by resolution, refuse to enter into payment plans for the payment of overdue contributions. > > > (5AC) Despite subsection (5AB) an owners corporation may refuse to enter into payment plans for the payment of overdue contributions in particular cases. > > > (6) The regulations may prescribe requirements for payment plans, including the following— > > > > > (a) eligibility, > > > > > (b) the form of the request, > > > > > (c) evidence that must or must not be included in the request, > > > > > (d) how information supporting the request must be stored, secured, used, disclosed or disposed of, > > > > > > Example of information— > > > > > > financial records relating to the owner > > > > > (e) maintaining the confidentiality of the owner’s information given in support of the request, > > > > > (f) the form of the payment plan or minimum requirements, > > > > > (g) requirements for the strata committee to report on payment plans to the owners corporation, > > > > > (h) requirements for the strata committee or the owners corporation to give written reasons to the owner if the owner’s request is refused, > > > > > (i) the termination of a payment plan. > > > (7) (Repealed) > > > (8) The Tribunal or a court may, on application by an owner, order that no interest is chargeable on a specified contribution if the Tribunal or the court is satisfied that the owners corporation should reasonably have made a determination not to charge interest for the late contribution. > > > (9) The Tribunal may, on application by the owner, order that the owners corporation agree to the owner’s request if the Tribunal is satisfied that the refusal by the owners corporation of the request was not reasonable. > > **s 85:** Am 2016 No 54, Sch 1.15 \[1\] \[2\]; 2025 No 14, Sch 1\[26\]–\[30\].