The NSW Government has introduced fresh annual reporting obligations for strata schemes across NSW, aiming to boost transparency and enhance governance. This regulatory update establishes a methodical process for maintaining current strata scheme records, benefiting both strata managers and prospective property buyers. This article delves into these novel reporting requirements and offers practical advice for compliance.
New Annual Reporting Requirements for NSW Strata Schemes
As of May 2022, NSW strata schemes must submit an annual return to NSW Fair Trading. This requirement stems from an amendment to the Strata Schemes Management Act 2015. Schemes must file their return within 3 months of their Annual General Meeting (AGM) and pay a $3 per lot fee.
Required Information for Annual Reports
The annual report must contain:
- Strata plan details: number, registration date, address, and number of lots
- Date of the last AGM
- Annual Fire Safety Statement status and issue date, if applicable
- Contact information for key personnel:
- Owners corporation secretary
- Chairperson
- Strata managing agent
- Building manager
- Emergency contact
- Strata renewal committee details
Submission Process and Strata Hub
The NSW Government launched the “Strata Hub,” an online portal, in May 2022. This platform centralises residential strata building information, making it accessible to buyers and owners living in strata. Annual return data populates this portal and may be made publicly available or shared with government departments.
Deadlines and Penalties
- First report deadline: September 30, 2022, for owners corporations with AGMs held by June 30, 2022
- Three-month extension for those without an AGM by June 30
- Fines up to $5,500 for missed deadlines
Owners corporations must also:
- Update reported information if incorrect
- Notify NSW Fair Trading of key personnel changes or when a strata renewal committee is formed within 28 days
- Face potential fines up to $2,200 for non-compliance with update requirements
Strict adherence to these new obligations is crucial to avoid financial penalties and maintain compliance with the updated Strata Schemes Management Act regulations.
Tips for Complying with NSW Strata Annual Reporting Requirements
To meet the new strata scheme reporting requirements in NSW and avoid potential penalties, consider these practical strategies:
Assign Reporting Responsibility
Designate the scheme’s secretary, chairperson, or strata manager to handle reporting duties. These individuals typically possess the most comprehensive knowledge of the strata scheme and are best suited for official communications.
Use the Proper Reporting Platform
Submit annual reports online via the Strata Hub using a MyServiceNSW account. If you lack an account, create one on the Service NSW website. For those unable to report online, in-person submissions are accepted at Service NSW Centres. Call 13 77 88 for assistance locating the nearest centre.
Gather Essential Information
Prepare the following details:
- Strata basics: strata plan number, registered address, lot count, and last AGM date
- Key personnel contacts: secretary, chairperson, managing agent, building manager, and emergency contact
- Financial information: administration fee, capital works fund, and other relevant financial data
- Building details: floor count, fire safety compliance status, and other pertinent information
Address Information Gaps
If certain required information is unavailable or undiscoverable, use the ‘not found or undiscoverable’ option on the reporting form. Reserve this option for instances where all reasonable efforts to obtain the information have been exhausted.
By implementing these strategies, strata schemes can efficiently meet Fair Trading’s requirements and maintain good standing. Proactive organisation is crucial for effective strata reporting management.
Managing Multiple Scheme Reports: Streamlined Approaches
For strata managers overseeing multiple schemes, integrating strata management software with the Strata Hub via API can significantly simplify the reporting process. Here’s an overview of key steps and features for reporting on multiple schemes:
Software Integration for Efficient Reporting
Strata managers can report directly from their management software if it’s integrated with the Strata Hub’s reporting API. To use this feature:
- Coordinate with software providers to ensure Strata Hub compatibility
- Register for the Strata Hub and complete identity verification
- Manually complete privacy declarations, review information, and process payments for each scheme on the Hub
This approach maintains privacy, security, and payment processing standards while automating data transfer.
Manual Reporting Alternative
For those not using software integration, information can be entered manually for each scheme on the Strata Hub’s annual reporting page.
Scheme List Management
Strata managers can download their scheme lists from the Strata Hub to track reporting deadlines:
- Log into the Strata Hub
- Navigate to the ‘My strata schemes’ dashboard
- Download the scheme list
- Cross-reference with internal records to monitor AGM dates and annual reporting deadlines
Bulk Operations Features
- Bulk upload: Enter data for multiple schemes in one session (individual privacy notices and declarations still required)
- Individual payments: Administrative fees ($3 per lot) must be paid separately for each scheme
- Multi-scheme updates: Reported information can be updated for multiple schemes via API (requires software provider coordination)
By utilising these tools and processes, strata managers can efficiently handle reporting requirements for multiple schemes, ensuring NSW regulatory compliance while optimising their workflow.
Key Takeaways
The new reporting requirements for NSW strata schemes serve a dual purpose: ensuring compliance and contributing to a more transparent property management system statewide. By submitting accurate and timely information, strata schemes can:
- Avoid potential penalties
- Contribute to a more informed property market
- Enhance the overall efficiency of strata management
Accurate reporting not only fulfils legal obligations but also promotes trust and transparency within the strata community. It provides valuable data for potential buyers, current owners, and regulatory bodies.
Remember, staying informed and proactive about these requirements is crucial for smooth strata management. If you encounter any challenges or have questions about these new reporting obligations, seek guidance from relevant authorities or strata management professionals to ensure full compliance.
