To ensure a viable and long-lasting holiday program for the benefit of Owners, it is necessary that annual levies take into account the actual expenses of the Club including the upkeep, maintenance and repair of the Resort Apartments in the Club. Each Owner of Vacation Credits (including WVRAP as Developer) is obliged to pay annual levies. The number of Vacation Credits that you own determines the amount of the annual levies you pay. Owners of higher amounts of Vacation Credits will pay higher levies because of the greater amount of resort usage that they will be afforded. The amount of the annual levies you pay cannot be negotiated.

There is also a reserve fund that WVRSP maintains for Resort Apartment refurbishment, replacement and major repair to items within the Resorts. Annual levies are used to top up the reserve fund from time to time. This ensures you are always greeted with the quality you expect when you visit a Resort. Annual levies include fees charged by the Custodian in return for the provision of custodian services.

The current annual levies are as follows:

6,000 - 7,500: AUD$508.45
7,501 – 10,000:  AUD$625.74
10,001 – 12,500: AUD$743.04
12,501 – 15,000: AUD$860.33
15,001 – 17,500: AUD$977.62
17,501 – 20,000: AUD$1094.91

Owners are required to pay annual levies from the date on which the Club first registers their Ownership, pro-rated in their first year for their period of membership in that year. The Club will issue a tax invoice to the new Owner shortly after registration and the first levy payment will be due for payment 30 days following the registration of Ownership. 

In each calendar year, other than the calendar year in which an Owner is first registered, the due date for the payment of annual levies shall be 1 January. Any annual levy not paid by the due date shall be subject to the following fees, all of which are subject to change from time to time by WVRSP, to reflect the costs associated with these activities:

• A late charge determined by WVRSP in order to compensate the Club for the added cost of collection. This late charge is currently AUD$15.00 per reminder notice sent for Premier and Standard Owners.
• Interest at the rate determined by WVRSP from the due date until the date the levy is actually received. This simple interest rate is currently 15% per annum. So if you owe AUD$500.00, for every day you are late in paying your annual levy, you may be charged AUD$0.21 interest.
• A return cheque charge, which is currently AUD$25.00 (including return direct debits).

However, an Owner may elect to pay the annual levy quarterly, monthly or half-yearly, in advance. Also, for the convenience of Owners, and to reduce the Club’s administrative expenses, the Club may offer Owners the option of paying levies by direct debit or pre-authorised credit card debit.

An Owner cannot exercise any rights or privileges of Ownership until any outstanding annual levies are paid. Further, the Constitution stipulates that an Owner may face forfeiture of Vacation Credits if they have not paid levies in relation to those Vacation Credits within one month of a notice from WVRSP advising that Owner that payment of levies has been outstanding for 30 days.

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