7 September 2023
September 2023 – Strata Regulatory Watch
In this edition we cover: NSW: Final version of the Fire Safety Schedule NSW : Update on strata management legislation Press release : Welcome to Gerard Doyle, our new NSW…
If you don’t know, the “Strata Hub” is an initiative of Service NSW and is intended to centralise strata information in the state of New South Wales. The portal will pull data from organisations like Land Registry Services, the Strata Building Bond and Inspections Scheme, and the owners corporations’ themselves. It will be targeted to current owners of strata properties, prospective owners and tenants and the broader community, such as emergency services and utilities providers to “better meet strata communities needs and improve customer protection.”
The Strata Hub has introduced a new annual reporting requirement on strata managers and self-managed committees.
Draft regulations have now been published that will require Owners Corporations in NSW to report annually a range of information. This includes information such as (not the complete, properly defined list):
Here is the current list of information that will need to be provided.
The information must be provided in the “approved form” and there will be an annual fee payable by each OC (proposed to be $3 per lot). There is proposed timing for the annual report, the initial one being after the first AGM and then after each subsequent AGM. OC’s may also need to update information during the year if it has changed (such as the name of the strata manager). We don’t know what “approved form” means yet. Whether it can be submitted electronically via the portal, via an API, or paper is also unclear at this stage.
The draft regulations can be found here. This is proposed to be introduced from 1 May 2022. If an OC has held an AGM before 1 May 2022, their first report will be due by 1 August 2022.
UPDATE 2 May 2022 – the NSW government has changed the first due date for these reporting requirements to be from 30 June 2022.
Here is a bit more information on the Strata Hub.