New Reporting Requirements on NSW Strata Schemes

NSW strata schemes are set to face new reporting requirements from 1 May 2022, as new regulations under the Strata Schemes Management Act 2015, made via the Strata Schemes Management Amendment (Information) Regulation 2021, will come into effect.

What does this mean?

Strata schemes should be aware of the following from 1 May 2022:

• Strata schemes are required to lodge an annual return with Fair Trading within three months of each AGM.
• Strata schemes that have their first AGM on or before 1 May 2022 will have until 1 August 2022 to lodge this annual return.
• A $3 administration fee per lot must be paid to cover the cost of running the Strata Hub portal.
• The Strata Hub, which first went live on 31 July 2021 to enable the Strata Building Bond and Inspections Scheme (SBBIS) to deal with functions through the portal, will house the annual reporting scheme.
• The annual reporting scheme will provide a reliable source of information and be easily accessible by strata managing agents, lot owners, residents and the general public.
• It is expected some of this information will be pre-populated with data already held by NSW Fair Trading to make this process quicker and easier.

If any of the information already provided changes, this will also need to be updated within 28 days after the secretary or managing agent becomes aware of these changes. If the updates are not provided, a fine of up to $2,200 will be issued.

What information is in the annual report?

The annual report requires a large amount of detailed information, of which some will be disclosed publicly on the NSW Fair Trading website. These details include:

• the strata plan number, address and date of registration
• the number and purpose of lots in the scheme
• whether the strata scheme is part of a parent community or precinct scheme
• the number of storeys above ground (for apartment buildings), and
• the date of the most recent AGM

The annual report is split into three main sections, basic information, building and safety information and management of the scheme.

Basic information about the strata scheme: items (a) – (g)

• the strata plan number for the strata scheme
• the date that the strata scheme’s plan was originally registered
• for strata schemes that are part of a larger community scheme, the registration date for the community scheme and its plan number
• for strata schemes that are part of a precinct scheme, the registration date for the precinct scheme and its plan number
• the address of the strata scheme
• the total number of lots that are in the strata scheme
• how many lots are used:
  1. as residences (like town houses and apartments, but excluding retirement villages)
  2. for a retirement village or commercial activity (such as an office or shop)
  3. for any other purpose

Building and safety information: items (h) – (l)

• if the scheme has any NABERS ratings – the ratings that are assigned to the strata scheme
• the date that the strata scheme’s interim and final occupation certificates were issued, if the scheme received these certificates
• the date of the most recent annual fire safety statement, for buildings that must have one
• for any class 2 buildings in the scheme, how many storeys the building has above ground
• the insured replacement value for the strata scheme or – if the strata scheme is only a part of a larger building – the replacement value for the part of the building that holds the scheme

Management of the scheme: items (m) – (r)

• the contact details for the secretary of the owners corporation: 
  1. name
  2. phone number
  3. email address
• the contact details for the strata managing agent (if there is one):
  4. name
  5. phone number
  6. email address
  7. licence number
• the contact details for the building manager (if there is one):
  8. name
  9. phone number
  10. email address
• the date of the most recent AGM
• the balance of the scheme’s capital works fund, as reported in its most recent financial statemen
• whether the strata scheme has formed a strata renewal committee

Get in touch

To find out more about these new reporting requirements, contact The Strata Master team today.