A home unit company is a type of proprietary limited company that involves a group of people (directors or members) who own or live in a block of flats or units. The company exists as a body corporate to administer the property. The company will qualify for reduced ASIC annual review fees if:
- the company is the proprietor of land on which a building divided into separate residential areas and areas for common use is erected;
- the members of the company are entitled, because of the shares they hold in the company, to the exclusive occupation of 1 or more of the residential areas and to use of the common areas; and
- the company only operates to facilitate and enforce the rights of company members in relation to exclusive occupation of the residential areas and to maintain the common areas.