New Law Affects Levies and Capital Expenditure Funds - NSW - SSKB - Strata Managers | Community Experts

New Law Affects Levies and Capital Expenditure Funds – NSW

SSKB Strata managers reviews NSW strata law legislation changes to come in force in 30 November 2016

New strata laws apply in New South Wales from 30 November. SSKB has reviewed these new laws and in response to enquiries from our clients, we address five of the major changes that will affect your community. If you have any further questions regarding these changes, please contact your SSKB strata manager.

The update to the New South Wales strata legislation will require developers to set realistic levies during the period between when the strata plan is registered, and the developer selling at least one third of the unit entitlements of the scheme (the initial period) and for the subsequent year after.

We recommend that every Owners Corporation review its capital works budget on a regular basis to ensure there is enough money to cover necessary maintenance and improvements as outlined in the 10 year forecast.

In addition, the legislation allows owners corporations to more easily recover outstanding levies that are mainly used to pay for the scheme’s day-to-day expenses.

Our clients don’t have to worry about the issues of arrears because of SSKB’s comprehensive arrears management process.

If you would like to know more about this change and others which are coming from November 30, the Strata Schemes Management Regulation 2016 is available here.

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