Firstly, let’s understand the key stakeholders mentioned: Owners Corporation = made up of all Lot Owners of the building, responsible for all common property. Committee of Management (the Committee) = elected volunteers made up of Owners (or their proxy holder) at the building. Acts on behalf of the Owners Corporation. Owners Corporation Manager = The
Owners Corporations (OCs) play a crucial role in managing common property within strata schemes across Victoria. To ensure that governance and regulatory requirements are proportionate to the size and complexity of an Owners Corporation, a tier system has been established under the Owners Corporations Act 2006. The tier system came into effect from December 2021.
When a new strata development is completed and transitions over to the management of an Owners Corporation (OC), there are many costs and responsibilities that shift from the developer to the collective Lot owners. One item that often raises questions is the first year’s building insurance premium — specifically, why it isn’t included in the
The safety and security of apartment living is one of the factors that attracts people to this type of living. But security isn’t a default, and Owners Corporations (OCs) and residents have a role to play in keeping fellow residents and their belongings safe. Don’t wait until a break in or theft to implement these
The Short Stay Levy Act came into effect on 1 January 2025. This Act included amendments to the Owners Corporations Act 2006 – most notably to Schedule 1 – Power to make rules of owners corporation – effectively enabling Owners Corporations (OCs) to prohibit the use of Lots as short stay accommodation (with exceptions). For
What is GST? GST stands for Goods and Services Tax and is a 10% tax added to most prices in Australia. What does it mean to be a GST registered entity? A GST registered entity must obtain tax invoices for purchases, and issue invoices with 10% GST included. This GST amount received must be accounted
On 13 March 2024 we held our fifth committee training webinar titled ‘Understanding Owners Corporation Financials’. This session was a breakdown of Owners Corporation financials and covered all the fundamentals of how money is managed for your community. Presented by our Senior Owners Corporation Accountant at The Knight, we covered: Financial obligations of an OC
You may be hearing a lot about lithium-ion batteries after some recent media coverage about fires caused by eBikes or scooters. While the risks are serious, there is no need to panic. These fires are rare, and often exacerbated by poor charging practices, or low-quality products. Read on to learn more about these fires, some
What is a maintenance plan? A maintenance plan is where all lot owners in an Owners Corporation contribute fairly towards common property maintenance. In order to develop an effective maintenance plan, adequate planning is required to ensure that funds are allocated appropriately and that excessive funds are not collected through special levies. The budget should
As strata insurance premiums continue to skyrocket – is Insurance Premium Funding the timely solution for strata communities? Insurance Premium Funding: What is it? Insurance Premium Funding (IPF) is a financial solution designed to help Owners Corporations manage their insurance costs more effectively. It allows owners to spread the cost of insurance premiums over time,
