Living in a body corporate means having to pay levies. The levy that you pay to the body corporate is for the day to day (administrative fund) expenses and any capital works (sinking fund) that are required now and in the future of the building.
Each year, the body corporate sets an annual budget. This is done via adopting the budgets at the Annual General Meeting (AGM). The funds collected are to allow the body corporate to have funds for expenditure throughout the financial year. These are often broken down into six monthly, tri-monthly, or quarterly installments depending on what the body corporate decides.
For informaton in relation to levies, please see Section 152 of the Accommodation Module, and Section 162 of the Standard Module.
Accommodation Module link https://bit.ly/3Tma3hm
Standard Module link https://bit.ly/3DTAc1C