New Reporting Requirements On the Way – NSW Strata Hubdeveloper
On Friday, 17 December 2021, the Strata Schemes Management Amendment (Information) Regulation 2021 (the Information Regulation) was published, establishing a new annual reporting requirement for strata schemes in NSW.
The regulation requires the Owners Corporation to report and verify information on the NSW Government’s Strata Hub each year. Strata Managing Agents, lot owners, residents and members of the public will then be able to go to the Hub to access the information.
The Strata Hub is intended to be a central access point that will make it easier for buyers and owners in residential strata buildings to get the information they need.
The Hub will require strata schemes to provide key information about their scheme to Fair Trading, who will provide the information on a portal for easy access. It will also allow NSW Fair Trading to better monitor strata buildings’ ongoing maintenance and defect management to ensure duties are being upheld and the safety and amenity of strata buildings are preserved.
The aim is that owners and buyers within NSW strata schemes become aware that maintenance of the scheme is not neglected.
The government viewed the information repository as “increasingly important” as the uptake of strata living in NSW increases while critical information about strata schemes remains hard to find or unavailable.
The Hub forms a part of the NSW Government’s broader transformation of the regulation of residential apartment buildings where transparency and better outcomes for consumers are paramount across NSW’s 83,000 strata schemes.
What does the new annual reporting mean for you:
Commencing June 2022, all NSW owners corporations will be required to:
- Provide key details about their scheme, including building, safety and management information;
- Help cover the cost of administration and enforcement of the scheme by payment of a lodgement fee of $3 per lot with their annual report;
- Submit their first report within three months from 30 June 2022 to 30 September 2022;
- Upload their report online through the Strata Hub.
- It is anticipated that owners corporations that do not provide their annual report within the allotted time from 2022 can be fined a maximum of $5,500.
You can find further information here:
- Click here for the Strata Schemes Management Amendment (Information) Regulation 2021 which includes a complete list of the information required for the report and recommendations for sourcing it.
- The requirements set out in the Information Regulation and how to submit the report will be provided to strata schemes before May 2022.
Strata Choice is presently developing its implementation plan to assist Owners Corporations in meeting their obligations and will reach out to you as soon as we receive guidance on the requirements from the NSW Government.