As of Monday, 3rd February 2025, Strata Managers have increased disclosure obligations, meaning that they must disclose more information, more frequently, to owners corporations. This includes details about any connections they may have with suppliers or developers, and any commissions they receive.
These changes are the latest to be implemented as per the Strata Managing Agents Legislation Amendment Bill 2024.
If you live in, own, or invest in strata, continue reading for a detailed breakdown of the changes and how they will impact you moving forward.
The Strata Managing Agents Legislation Amendment Bill 2024, effective on 3rd February 2025, marks a fostering of greater transparency, accountability, and collaboration within strata communities. This is a pivotal moment not just for strata managers but for all stakeholders, including owners, service providers, and the broader community.
At the heart of the amendments is a commitment to more transparency on industry partnerships. This initiative aims to clarify any potential conflicts of interest and ensure that all decisions are made with the owners’ best interests in mind.
Under the amended regulations, commissions and training services will now also require resolutions at general meetings and not just with the committee. With this new requirement, owners will have the opportunity to engage in discussions that reflect their interests and concerns.
With the new legislation also comes a much-welcomed, robust system of accountability. It introduces significant penalties for non-compliance, in an effort to deter any unethical practices and rebuild confidence in the industry.
Here at Strata Choice, we have always been transparent with our clients. Greater transparency around connections with suppliers ensures that owners are fully informed about service providers we engage. Disclosing these relationships will provide owners with a clearer understanding of how decisions are made and who is involved in the process.
We have always encouraged owners to participate actively in general meetings and discussions, and these changes present a unique opportunity for owners to become more involved in the management of their strata schemes. We believe that everyone’s participation is invaluable in shaping a vibrant, harmonious environment for all owners.
The next phase of change will be the introduction of the Strata Schemes Legislation Amendment Bill later in 2025.
As this new chapter unfolds, we are optimistic about the positive impact these changes will have on our strata communities, and across the industry. Together, we can build a more transparent, accountable, and collaborative strata management landscape.
