On 30 June 2022, the Strata Schemes Management Amendment (Information) Regulation 2021 (“the Regulation”) will commence.
The Regulation amends the Strata Schemes Management Regulation 2016.
The Regulation will impose new reporting requirements on owners corporations to lodge prescribed information in the form of a return about their strata schemes each year with the Office of Fair Trading. The information required to be provided is specified in the new clause 43A of the Regulation.
Although the Strata Hub commences on 30 June 2022, owners corporations must register on the portal by 30 September 2022.
If the owners corporation’s first annual general meeting is held on or before 30 June 2022, the Fair Trading return must be provided by 30 September 2022. Otherwise, it must be provided within 3 months after the annual general meeting of the owners corporation.
For each subsequent calendar year, the return must be provided within 3 months after the annual general meeting of the owners corporation.
Under the Regulation, the owners corporation is required to pay a fee of $3.00 per lot to the Office of Fair Trading to cover the administration costs.
Owners, purchasers and strata managers will be able to have access to the information.
There are also requirements for owners corporations to update and correct existing information within 28 days after either the secretary of the owners corporation or the strata managing agent becoming aware of the existing information being incorrect in a material particular when the information was given or certain changes specified in the Regulation.
Further, if owners corporations do not comply with these new requirements, fines can be imposed.
If you have any queries about the Strata Hub or the new requirements, please feel free to contact us.
Disclaimer: This is commentary published by Pobi Lawyers for general information purposes only and should not be relied upon as specific legal advice. You should obtain your own legal advice specific to your circumstances before you take any action or otherwise rely upon the contents of this article. The content of this article is subject to change.