South Australian Current Acts South Australian Current Acts (1) The
lot entitlement of a community lot is a number assigned to the lot that bears
in relation to the aggregate of the lot entitlements of all of the
community lots defined on the community plan (within a tolerance of plus or
minus 10 per cent) the same proportion that the value of the lot bears to the
aggregate value of those lots. 1
(2) The
lot entitlement of a lot must be expressed as a whole number.
(3) The regulations
may provide that the aggregate of the lot entitlements of all the
community lots defined on a plan must be equal to a number fixed by the
regulations.
(4) The unimproved
value of the lots will be used to establish lot entitlements.
(5) In the case of a
strata lot this will be taken to include the value of the part of the building
containing or comprising the lot without taking into account the value of
fixtures or other improvements.
Explanatory Note—
1 Lot entitlements determine the shares in which
lot owners make monetary contributions to the community corporation and are
responsible for liabilities of the corporation and the shares in which the
assets of the corporation are divided on cancellation.