@Stevecro said:
Section 75A from my understanding applies to ALL strata schemes in NSW regardless of age and condition. I guess the reason for the implementation was to ensure that strata schemes start planning for the future and budgeting for any major projected capital expenses which many were not, and probably still aren’t.
Stevecro is correct. For the uninitiated, here is section 75A which I reprint with no further comment other than to point out that there is no requirement to FUND the plan … just to have one.
75A Owners corporation to prepare 10-year sinking fund plans
(1) This section applies to owners corporations established on or after the commencement of this section.
(2) An owners corporation to which this section applies is to prepare a plan of anticipated major expenditure to be met from the sinking fund over the 10-year period commencing on the first annual general meeting of the owners corporation.
(3) The initial plan is to be finalised by the end of the second annual general meeting of the owners corporation.
(4) The plan is to be reviewed and (if necessary) adjusted no later than at the fifth annual general meeting of the owners corporation.
(5) An owners corporation to which this section applies is to prepare a plan as referred to in subsection (2) for each 10-year period following the period referred to in that subsection and is to finalise and review the plan in accordance with the requirements of subsections (3) and (4) at the corresponding annual general meetings in the relevant 10-year period.
(6) An owners corporation may engage expert assistance in the preparation of a plan under this section.
(7) The regulations may extend the operation of this section to all owners corporations or to such classes of owners corporations established before the commencement of this section as are specified in the regulations.
(8) A regulation referred to in subsection (7) may make necessary modifications to the application of any provision of this section to an owners corporation established before the commencement of this section.