Hi there,
Section 131 of the Unit Titles Act 2010 states:
"Distribution of surplus money or property: The body corporate may distribute money or personal property in its possession and surplus to its requirements among the unit owners in the same proportions in which the money was raised or the money which was used to pay for the property was raised."
What options do I have if the body corporate declines to distribute the surplus of body corporate fees? Do I have any chance of winning if I go to the Tenancy Tribunal, considering the Unit Titles Act 2010 states "may," rather than "must"?
The amount concerned is around $15,000, which is the result of underspending in the first year of unit ownership. The current annual body corporate fee is around $30,000.
Last year, they declined to distribute the excess funds, stating they used it to pay for insurance that occurred before the AGM and the body corporate fee due date. I argued that this was an inappropriate use of the funds, and they should instead find a proper solution, such as borrowing or adjusting the body corporate fee collection date. They mentioned that would be considered this year verbally.
I am concerned that this year they will use the same reason. The BC fee for this year covers the full cost of the insurance which means there would always be a surplus. I am considering taking the dispute to the tribunal.
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