New Strata Regulations

As you may already be aware, the NSW Government released the draft Strata Schemes Management Regulation 2016 and draft Strata Schemes Development Regulation 2016 for public comment in April earlier this year. After careful consideration and much anticipation, the government has released the finalised regulations. These regulations are designed to support the 90 plus new laws which were passed by the NSW Parliament last year. The implementation of the new regulations will coincide with that of the new laws, which take effect on 30th November, with the exception of the building defect bond scheme which will start later on 1st July 2017.

According to NSW Fair Trading, the reforms are designed to better meet the needs of modern strata living through:

- Strengthening the accountability of strata managers
- Allowing owners to adopt modern technology to conduct meetings, vote, communicate and administer their scheme
- Requiring owners to review by-laws (strata community rules) within 12 months, which can be customised to suit their lifestyle – such as whether to allow owners to keep a pet by giving notice to the owners corporation
- Changes to the process for the collective sale and renewal of a strata scheme
- Creating a simpler, clearer process for dealing with disputes
- Broadening tenant participation in meetings
- Introducing a new option to manage unauthorised parking through a commercial arrangement between a local council and a strata scheme
- Implementing a clearer and simpler three-tier renovations process, which waives approval for cosmetic renovations within the strata lot (for example, installing handrails for safety).
- Introducing measures to reduce red tape, such as simplifying financial statements for owners

To help owners and tenants understand the new regulations, NSW Fair Trading will be hosting a series of information seminars open to the public. To register for a seminar close to you, please click on the following link https://events.fairtrading.nsw.gov.au/scripts/NSWFairTradingCalendar/
To view or download your own copy of the new regulations, please click here.

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