From time to time a body corporate may be required to issue a special levy to all owners. A special levy is an additional levy issued over and above the usual administrative and sinking fund levies. It is usually issued when one of the following situations occurs when:
There are insufficient funds available in the sinking fund to carry out major works, like repainting or roofing.
The body corporate instigates a major improvement to the common property that is not included in the sinking fund forecast, for example the installation of a new BBQ, a gazebo area or new pool.
The body corporate runs out of money.
A special levy can only be considered and approved at a general meeting, voted on by all lot owners.