Thanks to both of you PeterC and Whale for providing the information I needed. As I am in NSW, could you, Whale, point me to the source of your comments? I looked in the Strata Schemes Management Act 1996 but couldn’t find this kind of detail.
Thanks for your advice PeterC. Yes we have a sinking fund plan. There is a good chance that the building may be demolished as part of a redevelopment so we don’t want to keep pumping money into a sinking fund for no purpose. I was just trying to find out if there was a way to dramatically reduce or cease the contributions to an already healthy sinking fund (we know we must keep up our admin fees) without waiting for 9 months. Would save us all a few thousand dollars this year.
Thanks Scotlandx for your advice. What I had not specified is that we wish to reduce the sinking fund levy on account of new information that has come to light. If the entire body corporate is in agreement that we wish to do this, are we still obliged to wait until the next AGM to do so, or is there another mechanism for making this kind of adjustment without the nine month wait?
