Call Us: 1300 021 420

Strata Act Reform

  • by HFM Asset Management

HFM’s General Manager of Technical Services, David Chokolich, was the keynote speaker at the recent Strata Communities Australia (WA) workshop; “The Lego Land of Strata”.

David’s presentation centred specifically on two of the key proposed changes to the Strata Act:

  • Documents for a Scheme
  • Reserve Fund Plan

These make up 2 of the approximate 27 changes currently proposed by Landgate, who has been tasked with the management of the reform process by the Western Australian Government.

Documents for a Scheme

The draft bill sets out that the original proprietor of a scheme must take all reasonable steps to acquire and deliver the scheme documents to the strata company at the first AGM [s27C]. The reasoning for this is that key documents are required for the operation of a scheme and if they are not supplied, it can cause great difficulty and expense for the strata company.

Some of these documents include

  • Development Approvals
  • Building Permit
  • Practical Completion Certificates
  • Defects Lists
  • Fire Engineering Report
  • Operating and Maintenance Manuals
  • Asset Registers
  • Warranties
  • Maintenance Contracts
  • As Constructed Documentation:
    • Architectural
    • Structural
    • Fire
    • Mechanical
    • Electrical
    • Hydraulic
    • Security
    • Metering

Reserve Fund Plan

The draft bill stipulates that any schemes with greater than 10 lots (or less if they are of significant value) will be required to prepare a Reserve Fund Plan every 5 years. It will also be a requirement to present the reserve fund plan at each AGM.

David’s presentation stepped the audience through the process of preparing a Reserve Fund Plan. At HFM Asset Management, we can assist with the major components of these plans for our clients; commencing with the Asset register and then undertaking a condition audit and life cycle costing assessment.

For a full copy of David’s presentation, please contact us here or by sending an email to info@hfmassets.com.au

 


Categories:Building Management, Events


hfm_admin

HFM Asset Management © 2018 All rights reserved. Site Map