One of the key important changes to the Act is to identify the Tier Category (Tier 1-5) that your Owners Corporation will fall under. This will involve deployment of the change on the legal records, carry out further regulatory requirement checks depending on the number of occupiable lots and take necessary steps to meet any further requirements driven from this change.
The tiers are structured as follows:
Tier One: More than 100 occupiable lots;
Tier Two: 51 to 100 occupiable lots;
Tier Three: 10 to 50 occupiable lots;
Tier Four: 3 to 9 occupiable lots; and
Tier Five: 2 occupiable lots or a services only Owners Corporation.
Find out more at https://www.legislation.vic.gov.au/as-made/acts/owners-corporations-and-other-acts-amendment-act-2021