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Owners Corporation Act 2006 - Recent Amendments

In late 2021, legislative changes were made to various Acts in regards to Owners Corporations. Some of these changes include:

* Owners Corporations will be categorised into one of
   5 Tier levels of Owners Corporation

* The initial Owners Corporation Scheduel must be created
   by a Licensed Surveyor

* Lot Entitlement by default must be allocated by Market Value

* Lot Liability by default should be allocated 'equally', unless

    (a) there is a substantial difference in lot size, or

    (b) Different lots have a bearing on the consumption or use
         of common utilities or the cost of maintaining the common
         property, or

    (c) The number of occupiers in each lot has a greater bearing
          on the consumption or use of the common utilities or the
          cost of maintaining the common property than the land
          size of the lot .
(This is assessment is determined by
         the number of bedrooms).

These new requirements do not appear to have any transitional arrangements, so existing plans of subdivisions not yet registered may need to have their Owners Corporations schedules reassessed & amended to be in compliance with these new Owners Corporation rules.

Posted: Thu 07 Apr 2022

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