@Cosmo said:
Refer STRATA SCHEMES MANAGEMENT ACT 1996 – SECT 75A. Wherein legislation was passed to ‘phase in’ mandatory 10-year sinking fund plans beginning from July, 2006 for all NSW Strata Schemes. Essentially all NSW Owners Corporations now have to have 10-year sinking fund plans done for their Strata Schemes in an effort to eliminate the problems of ‘insufficient long term capital works funding’ .
Yes I agree this is what the act says but how do you enforce it, the SM cannot because he works for the strata, the EC won’t because they must have voted not to have one at the AGM and so the only people who can enforce it are individual owners and they would have to go to conciliation and then adjudication to get an Adjudicator to order the Strata to implement this part of the act.
How many owners do you think would waste their time going to NCAT to increase their own strata fees. My opinion is if they did this they would win but the cost could be huge as more then likely the Adjudicator would decide the sinking fund levy rate.