edna – so far as I’m aware the following are the only exceptions to the legal requirements that apply to NSW Strata Schemes, where those comprise only 2 Lots:
- If the Lots are physically separated then the O/C doesn’t have to take out a Building Insurance or to establish and contribute to a Sinking Fund if both Owners so agree at a General Meeting (e.g. an AGM)
- There’s a difference in the method used for determining a quorum at General Meetings so as to avoid that resulting in less than a whole number (i.e. a fraction of a person). So the presence of both Owners will suffice, and;
- Whilst the normal financial accounts do have to be kept in accordance with Part 2 of the Regulation, if at its AGM an O/C decides that those will be audited (note that they can decline to at each AGM) then the procedures determined by the Federal Auditing Standards Board, and that an accountant would therefore apply to Strata Schemes, can be relaxed to some extent.
Hope that assists you.
PS @ 1610 hrs – after racking my brain to recall the above, I just remembered that Flat Chat has forum that’s dedicated to 2 Unit Strata HERE (hope nothing there contradicts me 
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