Following the recent changes to Strata Schemes Amendment Act, the NSW Parliament has adopted amendments to the legislation to support owners within strata schemes and provide more transparency for professional management. These changes include further obligations for owners’ corporations and committees to safeguard their requirements, especially when maintaining their properties.
What are the changes and the impacts:
The amendment’s core focus is to promote greater transparency in industry partnerships, eliminate potential conflicts of interest and ensure that owner’s interests remain paramount in decision-making processes to govern your property and community effectively. This includes:
- Improved Transparency
- Providing written explanation when requesting approval for commissions or training services paid by a supplier or vendor to a strata scheme.
- Providing ‘real-time’ disclosures of supplier relationships that may cause a conflict of interest.
- Enhanced Reporting
- Delivering advanced reporting at AGM’s, detailing all supplier or developer connections and disclosing any commissions and training services.
- Strata management will report to the owners’ corporation every six months with an update on works. This information will be accessible in our StrataMax owners’ portal.
- Enhanced Insurance Disclosure
- Providing itemised quotes clearly detailing insurance costs and commissions.
- Ensuring full disclosure of any relationship with insurance providers.
Bright & Duggan will continue to lead the industry and fully support the new legislation to foster more trust among owners and committees. It is all part of our mission to shape communities for a brighter future.
Your strata manager is available to answer any questions about this, and we will soon update you with more details specific to your plan.
For more information visit NSW Fair Trading | Changes to strata laws
Our Commitment to Transparency
From our family-business origins to our position today as one of the largest strata and community management companies, we are proud to be part of Johns Lyng Group (JLG).
Bright & Duggan operates independently from our parent company and receives no financial benefit, referral or income from the engagement of a JLG-related entity. Customer choice and satisfaction will always remain at the forefront of our service delivery. Our systems are of the highest ethical standards and adhere to our ASX-listing obligations’ full corporate disclosure criteria.