You may have missed it in the end-of-year rush, but in December 2021 a new regulation was made in NSW making it mandatory for all strata schemes to submit an annual report to Fair Trading. In this episode, I’m walking you through the new regulation and encouraging you to start thinking about how you might ensure your compliance later this year.

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9 Responses

  1. Hi Amanda,
    This requirement did indeed fly under my radar so thank you for the advice.
    Happy New Year

  2. Unfortunately, the regulation does not allow neighbouring properties that share a boundary with the strata scheme to access the contact details for the scheme – so trying to fix boundary fences and retaining walls is still a problem, with not being able to find the right person to communicate with…

  3. Hello Amanda,
    Is $3/lot fee only one-off at initial lodgement or it will be charged each time one is making an amendment or even a trivial typo correction? If the later, then this fee is a veritable disincentive to promptly update details. For very large strata schemes it might be cheaper to pay fines rather than making frequent updates. Or at least wait until multiple items need updating and then do it in one go.

    1. Hi Alex, on my reading of the Regulation, the fee is only payable when information is given under clause 43, so that’s the annual report – not any updates/corrections.

      Amanda.

  4. Thanks Amanda!!
    I do not believe that the present legislation will do anything to make sure that future buyers in a Strata Scheme have all the information so they do not get rip off with the present system.
    Example; NABERS is a copy of what Councils were trying to do in the 90s, then as now the government has not bothered to be legislated so it will not make any difference for people who want to live in a liveable place.
    Who will be fined for not giving the right information: The Strata Manager or the Owners corporation?

    Thanks again!!

  5. Sorry Amanda, I find very hard to believe that the Strata Manager, Secretary, Chairperson are not accountable if they give the wrong information. What is the point of the changes if nothing will change?

    Thanks and sorry to bother you.

  6. Hello Amanda
    Thanks for the presentation.
    FYi I have lodged the following question to the Govenments web site.
    I will let you know if I get aresponse.
    “Hello, My question relates to circumstances where there is multiple strata plans registered for one building . There will be buildings with say two strata plans registered and some with many strata plans registered.
    My question is in regards to when say two registered strata plans are admistered thogether.
    For example SP 66464 and SP100742. Sp66464 initially comprised 8 residential lots. Sp 100742 was reqistered to subdivide one lot into two. so there is now a total of 9 lots in the overall strata scheme. Both Sps are managed together under sp66464, Ie there is no seperate, committee, admin or capital works fund for Sp 100742.
    So my question is… will A. this scheme have to provide only one ” return / report ” annual submission.
    or B. will each registered strata plan need to make an annual submission.
    ( hint, A is the prefered process so as not to have unnessary cost and repetition ) ,
    As stated both are managed toghether, by one commitee, one agent , one set of accounts , one set of funds.
    PS , there will be numerous examples where there is multiple strata plans or subdivisions within a building , with all the plans administered as one scheme, for example SP61969 has a had a number of later plans registered to subdivide lots in the initial plan. Thank you appreciate a response.”

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