The What is a large strata scheme (section 6 of Strata Schemes Management Act 2015):
- More than 100 lots.
- Utility lots and lots allocated to parking are not included in the calculation.
Strata Committee of a Large Scheme (section 30 of Strata Schemes Management Act 2015):
- Must contain at least 3 members and no more than 9.
Preparing estimates for budgets at an AGM (section 79 of Strata Schemes Management Act 2015)
- Must include specific amounts in relation to each item where an Owners Corporation intends to spend money or where the Owners Corporation knows money is likely to be spent in the next financial year.
- Must note any difference between the 10 year plan and these estimates and the reason for the difference.
Audits (section 95 of Strata Schemes Management Act 2015):
- Must be audited every building financial year for presentation at the Annual General Meeting.
Spending Limits (section 102 of Strata Schemes Management Act 2015):
- Must obtain 2 quotes for any work over $30,000.00
- Cannot spend on an item greater than budget specified for at an Annual General Meeting by more than 10%
- It is understood this can be an imposition and so this requirement can be removed by ordinary resolution at a general meeting.
- This spending restriction does not apply to emergency expenditures. (storm, fire, blocked/burst pipes, electrical failure, security system failure, glass breakages.
Convening meetings (section 39 of Strata Schemes Management Act 2015)
- No later than 28 days when duly requested.
Minutes of General Meetings (Schedule 1, Section 22 of Strata Schemes Management Act 2015):
- Only needs to be distributed to Owners if they request a copy within 14 days.
Notices of Strata Committee Meetings (Schedule 2, Section 4, Strata Schemes Management Act 2015):
- Must give at least 3 days’ notice to the committee members and to each owner.
- Notice to be placed on noticeboard.
Minutes of Strata Committee Meetings Section 17, Strata Schemes Management Act 2015):
- Giving a copy to every Owner, if requested, within 7 days
Proxies (Schedule 1 section 26 of Strata Schemes Management Act 2015):
- Must be received by the secretary of the Strata Committee (or the Strata Managing Agent if they have that delegated authority) no later than 24 hours prior to the meeting.
About Strata Life – Strata Management Services
At Strata Life we strive to take the pressure of the day to day running of a strata scheme off of the shoulders of the committee members and owners. Whilst the nature of strata itself does mean that the owners/ committee are responsible for the decisions, the pressure is reduced by having a proactive manager provide guidance with a plain sense approach and quickly actioning issues as they arise.
We appreciate Committee members often have full time jobs and busy lives. Add to this that the strata scheme is often your home where Committee members do not want to have to police other residents.
Our aim is to minimise the work and time where we can, take on the role of reminding owners and residents of the by-laws so that everyone can peacefully enjoy community living.
Our team has extensive experience with properties on the Lower and Upper North Shore, Hornsby and the Northern Beaches areas, with excellent local contractors and superior local knowledge.
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Get in touch
Whether you’re an existing client or not, our strata managers are here to help with all matters relating to strata schemes and community living. Our office is open Monday – Friday, 9 am – 5 pm to answer your call or, for after-hours assistance, please complete our online enquiry form and we’ll get back to you the following business day.
Disclaimer: The information contained in this article is general information only and not legal advice. The currency, accuracy and completeness of this article (and its contents) should be checked by obtaining independent legal advice before you take any action or otherwise rely upon its contents in any way. Strata Life disclaims any liability for negligence or otherwise in any way connected with this article.