Lot Entitlements

A person’s lot entitlements in a body corporate are used to determine many things. These are split into two schedules: contribution schedule lot entitlements, and interest schedule lot entitlements. Lot entitlements are contained in the body corporate’s community management statement (CMS).

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The contribution schedule sets out the share of each lot owner in relation to levies. Once a budget is set for the financial year, contributions are levied on everyone in proportion to their contribution schedule lot entitlement. This lot entitlement is also used in relation to some resolutions, such as special resolutions and ordinary resolutions by poll.

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The interest schedule sets out the share of each lot owner in the common property. For example, if the body corporate is eventually terminated, then every lot owner takes an interest in the land that used to be common property proportionate to their interest schedule contribution.

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Lot entitlements can be changed, but in most cases by resolution without dissent, or by starting proceedings in QCAT.