Changes to Obligations for Owners of Strata Lot Properties

If you live in a property within a strata scheme, you need to be aware of recent changes affecting properties within strata schemes.

New regulations under the Strata Schemes Management Act, 2015, introduced by the Strata Schemes Management Amendment (Information) Regulation 2021 on 30 June 2022, imposed mandatory annual reporting requirements for strata schemes in NSW via the “Strata Hub”.

These new changes are an initiative of the NSW Government to provide better transparency, accountability, better regulation and more engagement for owners, residents and potential purchasers of strata schemes in NSW. 

The Strata Hub will consolidate core information in one place, giving property purchasers insights into their potential new home while allowing the regulator to monitor each building’s ongoing maintenance and defect management.

Do these changes apply to all Strata Schemes?

Yes, these new reporting requirements apply to all strata schemes, even 2 lot strata schemes, such a duplexes or townhouses where there are only 2 adjoining owners.  Fines will be imposed on any strata plan not complying by 30 June 2023 – no strata plan is exempt.

Important Dates

Owners should be aware of the Important Dates which have been noted on the NSW Government website and extracted below:

IMPORTANT DATES

July 2022 – strata schemes may now register on the strata portal;

August 2022 – individual strata schemes or delegated managing agents can enter their reporting into the strata portal and pay the $3 per lot fee;

September 2022 – strata managers “bulk upload” for multiple strata schemes;

December 2022 – strata schemes should submit their first report by the end of December.

In order to prepare for the new reporting requirements, you should speak with your strata manager (if one has been appointed) or alternatively with the owners of the other strata lot(s) if you are self-managed.  The reporting requirements can be delegated to your strata manager if one has been appointed for the strata plan.

What information do you need to report?

Below is a list of the information you will need to complete as part of your reporting requirements:

• Strata contact details: full name, email and phone number of the secretary, chairperson, strata manager and/or building manager (if any).
  
• Emergency contact details: full name, phone number and email for 1 to 4 people.
  
• Lot information: refer to the Owners Corporation records for the number of lots and how they are used (e.g. residential or commercial).  This information should be prepopulated for you.
  
• Scheme management information: Owners Corporations will need to enter the insurance value for the strata scheme and capital work funds balance. This information should be in your last Annual General Meeting documents and financial statements.  If you are a 2 lot strata scheme that has validly voted not to get insurance you can elect “scheme is exempt”.
  
• Building information: Owners Corporation records will need to be reviewed so that you can include the date the Occupation Certificate was issued for the strata plan (if any) and your annual fire safety statement.

The strata scheme only needs to report once each calendar year.

All schemes that have held at least one AGM in 2022 are encouraged to complete their first report by the end of the year.  Penalties apply for strata schemes that do not meet the reporting requirements by 30 June 2023.   Subsequent annual reports must be reported within 3 months following the strata scheme’s Annual General Meeting.

If any of the contact information changes between reporting, these details will need to be updated in the strata portal within 28 days.

You can access further information by clicking on the line below to NSW Government’s website: https://www.nsw.gov.au/housing-and-construction/strata/strata-portal-user-guide#learn or you can call Service NSW on 13 32 20 for assistance with your strata scheme or for further information.

Should you have any questions regarding your strata property, please contact Solari and Stock on 8525 2700 or click here to request an appointment with one of our Commercial Team.

Article written by Valentina Abouzeid
Photo by Ferdinand Asakome on Unsplash