Upcoming OC Act Changes for Committees to be Aware of
The Owners Corporations and Other Acts (OC Act) Amendment Act 2021 will take effect from 1 December 2021. Much focus has been given to changes which affect the duties of Owners Corporation Managers and the obligations of Developers. But beyond this, a range of provisions are set to come in which relate to the operation of an Owners Corporation and the Committee. We have outlined some of the key OC Act changes here. A new tiered system: As part of the changes, a new tiered system has been introduced which places more stringent regulations upon high density strata plans. The tiered system is as below: Tier 1: >100 occupiable lots Tier 2: 51-100 occupiable lots Tier 3: 10-50 occupiable lots Tier 4: 3 – 9 occupiable lots Tier 5: 2 occupiable lots or a services only owners corporation Preparation of a Maintenance Plan: As well as changes to obligations regarding financial statements and auditing, under the new amendments Tiers 1 and 2 must prep...