If you choose to bank your week, you would place your week into the VMS Rental Pool for the week/date you banked. The income received for your unit, would then be paid into your levy account which can either be paid out to yourself or used to pay for your future levy.
You may place your Week in the Pool up to 30 days prior to occupation and if you’ve not used your week or exchanged it with iExchange. It’s also important that the prescribed administration fee has been paid.
Your owners share will be credited to your levy account at the end of the month, in which your week was occupied and calculated as follows:
Gross Rental Income: this is the income earned by renting out your unit/week
Less: Commission (The rental agents charge 25% excl VAT)
Equals: Your payment, which will be credited to your levy account
It is important to note that the levy for your week needs to be paid prior to you placing your unit in the rental pool, the income then derived from the rental can then either be paid out or used towards your next week levy