On 29 Oct 2015, the New South Wales Parliament passed the new Strata Schemes Management Bill 2015 and the Strata Schemes Development Bill 2015. These new laws will come into operation on 1 July 2016.
The new legislation contains around 90 changes to the existing laws, some of which are said to be controversial, and only time will tell what effect it will have on the strata landscape in NSW.
Minister for Innovation and Better Regulation, Victor Dominello, said in his contribution to the debate: “Today more than two million people live and work in strata. The new laws will cater for the needs of 21st century strata living,”
He further stated that: “The new laws will modernise collective decision making processes, increase protections against unresolved building defects and improve outdated regulation impacting on renovations.”
Like any Act of Parliament, there are regulations that work hand in hand with the Act. Public consultation on the draft regulations to accompany the new Acts, including model by-laws, will commence in early 2016. When that consultation begins we will provide more information about the proposed regulations.
Further information: www.fairtrading.nsw.gov.au
For NSW strata legal or levy collection advice please contact us here or call 02 9562 1266, we’re happy to assist.