Mandatory Annual Reporting for NSW Strata Schemes
Have you received a letter from NSW Fair Trading in relation to your strata scheme annual reporting? We have had a number of questions from clients in relation to why they got the letter, whether they need to comply and what are the reporting requirements?
I live in a duplex – do I need to do this?
Yes, in NSW all strata schemes must complete annual reporting. Failure to do so will result in penalties, which are explained in further detail below.
Why do I need to do this?
Strata schemes need to file a return within three months of each Annual General Meeting (“AGM”) and pay an administration fee of $3 per lot. Section 43A of the Strata Schemes Management Regulation 2016 sets out the information to be provided to NSW Fair Trading. This includes, but is not limited to:
- Strata plan number, registration date, address and number of lots;
- The date of the most recent AGM;
- If an Annual Fire Safety Statement has been issued and the issue date;
- Contact details of the Owners Corporation secretary, chairperson, strata managing agent, building manager and strata scheme emergency contact; and
- Details of the strata renewal committee.
What happens if I don’t provide the information?
A failure to provide comply with the mandatory reporting obligations could result in a maximum penalty of 50 units, which is equivalent to a $5,500 fine payable by the Owners Corporation. Providing incorrect or inaccurate information may result in additional fines of $220 for each breach.
Can I convert to Torrents Title?
The ability to convert your strata scheme to Torrens Title will depend on the individual circumstances of each strata scheme. Generally speaking, if the property was capable of being developed as Torrens Title duplexes, one would expect this to have occurred when they were originally built. Consultation with a Town Planner would be helpful to understand the possibilities.
If you have any questions or concerns about this article or require assistance with understanding your strata rights, please do not hesitate to contact Marcus Carbone on 9523 5535. We are here to assist you with all your strata enquiries.
For more information:
Section 43A of the Strata Schemes Management Regulation 2016
You can read our blog: New Mandatory Reporting Requirements for Strata Schemes in NSW
If you would like to understand your obligations in relation to a Two Lot Strata Scheme
Disclaimer: The information contained in this article is provided as general information only. It is not intended to be legal advice and it should not be used or relied on as legal or professional advice.