Abrogation of responsibilities to strata law

I notice of late that real estate companies are advertising small strata properties as self managed, no strata fees,etc.

It would appear that each lot owner would each become responsible for the repairs and maintenance of the common areas of their lot ( roof, exterior walls, windows, plumbing, garage doors, etc )as well as surrounding common areas.

Is it unlawful for lot owners to abrogate themselves from having any responsibility to the Strata Schemes Management Act 2015 or those Acts that came before?

My understanding is that there must be an administration fund at least. There must be responsibilities to the proper repairs and maintenance of the strata scheme.

Small two lot schemes can do without a capital works fund if agreed. Insurance can be paid separately if the buildings are stand alone. An audit is not necessary.

If you are living in a small strata scheme what are the responsibilities to the Strata Schemes Management Act 2015 if any?

If there are responsibilities what action can be taken to make the owners corporation comply with the law?

I feel this is a trap for future buyers into small strata schemes. Your advice would be welcome.