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Does anyone have experience with S55 reports (NSW)?
STRATA SCHEMES MANAGEMENT ACT 2015 – SECT 55 Strata managing agent to record exercise of functions (austlii.edu.au)
We have never received any S55 report from the SM. I have asked for a copy of the most recent report several times and the request is ignored. It seems that the latest possible date for meeting the requirement for annual reporting is October 2024 as that will be 12 months from the date of the legislation. That is, if my reading of the amendment dates is correct.
Or is this requirement something that the Strata Managers just ignore because it’s too difficult?
My objective is to establish a reporting schedule that ties in with the date of the AGM, so that any issues revealed in the report can be addressed at the meeting. I would appreciate any information about what owners have received or what they have done to enforce compliance (if needed) or what sort of scheduling they have been able to arrange.
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STRATA SCHEMES MANAGEMENT ACT 2015 – SECT 55 Strata managing agent to record exercise of functions
Just in case you are unfamiliar with the Act, this is what it says:
55 Strata managing agent to record exercise of functions(1) A strata managing agent who exercises a function of the owners corporation or of an officer of the owners corporation must, immediately after its exercise, make a record specifying the function and the manner in which it was exercised.
(2) The strata managing agent must give a copy of the records kept for the preceding 12 months to the owners corporation at least once each year.
The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
STRATA SCHEMES MANAGEMENT ACT 2015 – SECT 55 Strata managing agent to record exercise of functions
Just in case you are unfamiliar with the Act, this is what it says:
55 Strata managing agent to record exercise of functions(1) A strata managing agent who exercises a function of the owners corporation or of an officer of the owners corporation must, immediately after its exercise, make a record specifying the function and the manner in which it was exercised.
(2) The strata managing agent must give a copy of the records kept for the preceding 12 months to the owners corporation at least once each year.
The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
Does anyone have experience with S55 reports (NSW)?
STRATA SCHEMES MANAGEMENT ACT 2015 – SECT 55 Strata managing agent to record exercise of functions (austlii.edu.au)
Or is this requirement something that the Strata Managers just ignore because it’s too difficult?
Hi SaltyOne
I found a “Strata Managers Report” in my old files. The report contains many lists, sumarising the work they did for us. The lists are grouped under the following headings.
- Work Orders Issued
- Quotes Called
- Total Strata Status Certificates Issued (Section 184 Certificates)
- Strata Interest Notices (Section 22 Notice)
- Total Number of Payments Issued
- Total Number of Receipts Issued
- Insurance Commissions Earned and Predicted
- List of Insurance Claims
- List of Meetings Called
- Training Services Received
- It looks like something that was produced from a strata management software package. Having experienced multiple strata managers, I think they’re using specialised strata management software to handle their work.
We never formally requested a “Strata Manager’s Report”. It was bundled with all the papers accompanying the notice of Annual General Meeting. By “papers”, I mean the agenda, Statement of Key Financial Information, Balance Sheet, budget, income and expenditure statements and any service they wanted to charge extra money for doing.
I think this report should be part of the service they provide for you. If they have never provided such a report, they may try to charge you an extra fee for producing it.
SaltyOne, why do you think it is a new requirement? When I look at “point in time versions” of the SSMA 2015, Section 55 seems to have been there for a few years.
The reason I mentioned strata management software: my two most recent strata managers had almost identical looking report layouts. They merely changed the strata manager’s name at the top of each page.
It’s not right that they are ignoring you. It’s not surprising either.
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