For too long, a little-known loophole has allowed strata corporations to push off creating depreciation reports indefinitely. These reports are essential as they detail the anticipated long-term repair and maintenance needs of strata properties, helping everyone budget and plan accordingly. But here’s the good news: starting July 1, 2024, existing strata corporations with five or more lots will need to step up their game. They will be required to obtain a depreciation report every five years, develop a long-term maintenance plan, bolster their contingency reserve funds, and move away from special levies.
What does this mean for you? Well, it spells more predictability and transparency. No more surprises or sudden levies that can disrupt your financial planning. Ravi Kahlon, the minister of housing, emphasized that these changes are designed to “protect strata owners by ensuring depreciation reports are obtained regularly, providing them with the information and predictability they need to plan for future costs.” And let’s not forget about the new kids on the block! Strata corporations formed between July 1, 2024, and June 30, 2027, will have two years from their first annual general meeting to get their first report and then continue every five years. For those established on or after July 1, 2027, the timeline is even tighter, with just 18 months to comply.
Moreover, starting July 1, 2025, only qualified professionals like engineers, architects, or certified reserve planners can prepare these crucial reports. This move ensures the accuracy and reliability of the information, helping strata corporations make informed decisions about their properties. So, whether you’re a long-term strata owner or considering dipping your toes into strata properties, these regulations are a game-changer. They promise to bring more stability and clarity, ensuring that all parties can thrive in a well-maintained, financially predictable environment. Embrace this change, as it fosters a healthier, more sustainable strata community for everyone involved. Here’s to making informed decisions and planning confidently for the future! Cheers to a more secure and transparent tomorrow in the strata world!
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