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Strata Managers Summary of Amendments | 1.Owners Corporation Tier Classification

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 

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Strata Managers Summary of Amendments | 2.Insurance Costs and Levies

Owners Corporations will have greater power to levy fees to specific lot owners for additional expenses that are directly contributed by a specific lot owner’s use of their lot when the existing lot liability (apportionment of cost) would not sufficiently take account of these additional costs.

An Owners Corporation may ask a lot owner to pay:

An increase to an insurance premium that has been caused by gross negligence or a wilful act of the lot owner themselves, their tenant or guests;

Consider whether Lot entitlements and liabilities are different and, if they are, whether it would be fairer to apportion the cost of replacement and replacement insurance based on Lot entitlement.

An insurance excess if a claim relates directly to the owner’s lot; and

Fees to cover damage to the common property that has been caused by a lot owner and is not covered by insurance.

It’s important to note that occupiers of lots are considered responsible for their guests’ behaviour, and consequently, they may both be liable for any breach of the Owners Corporations’ rules.

​Find out more at https://www.legislation.vic.gov.au/as-made/acts/owners-corporations-and-other-acts-amendment-act-2021 

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Strata Managers Summary of Amendments | 18.Manager’s Report


28 Oct 2021

The Annual General Meeting Report must include:

  • details regarding the professional indemnity insurance;
  • details of all receipts and disbursements not included in the Annual Financial Statement; and
  • the amounts of any commissions, payments or other benefits received by the Manager in the relevant year. 
​Find out more at https://www.legislation.vic.gov.au/as-made/acts/owners-corporations-and-other-acts-amendment-act-2021