429. NSW piles more responsibility onto strata owners with its new disclosure laws
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New laws commencing in February 2025 expand the disclosure requirements of NSW strata managers. Said to “equip owners corporations with clear and timely information to inform decision-making and enable scrutiny of their strata manager’s actions and interests”, it’s fast becoming clear that all these laws really do is make a strata manager’s poor behaviour an owner’s problem to sort out.
In this episode, I explain why that’s simply not good enough.
Links mentioned:
- Get the transcript here!
- Facebook Friday LIVE with Amanda Farmer | 8 November 2024
- Strata Managing Agents Legislation Amendment Act 2024 No 65
- Amanda’s LinkedIn Post with Dr Cathy Sherry’s comment
- NSW Fair Trading Summary – Changes to Strata Laws
- SCA’s Best Practice Strata Insurance Disclosure Guide
- Podcast Episode 428. Is “DIY” Strata Insurance Possible?
Not sure if this is in NSW but in Victoria a SM gets 15% of works. Why is that not seen as a conflict of interest?
Hi Amanda this session 429 was very informative and will assist our committee now when reviewing our new Insurance quotes from the Strata managers Broker.
I may be sceptical when I say we received the price for the Strata management fee with commissions and without. How can we confirm if we accept the Fee without Agents commissions that the Manager still accepts commissions and also receives the higher fee.
One other point is if the committee request an Audit of the Strata account. Could there be a conflict of interest if the Strata Manager appoint their Financial Auditor. I think there could be.
Hi Graham,
I am sending this message on behalf of Amanda Farmer.
Due to the overwhelming demand for Amanda’s services, she is no longer able to personally respond to every comment posted on the public side of the website.
The best way to seek Amanda’s guidance is inside the members-only QandA Forum, enjoyed by paying members of our online community. Membership is just $79/month with no lock-in. Your instant access is here: http://www.stratamembership.com.
– Richelle, YSP Team