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Strata Hub Reporting

Do you own a Strata Title property? If so, is your strata scheme registered on the Strata Hub?
 
Strata Hub Reporting in New South Wales (NSW) is a system designed to enhance the transparency, accountability, and management of strata schemes within NSW. It is part of the broader reforms introduced by the NSW Government to improve the operation and governance of strata properties. 
 
Here are the key points about Strata Hub Reporting:

1. Purpose 

Strata Hub Reporting aims to provide a central, accessible database of key information about strata schemes, which includes residential, commercial, and mixed-use strata schemes. This initiative seeks to make information more transparent for owners, residents, prospective buyers, and other stakeholders.
 
2. Information Collection 

Strata schemes are required to report various details such as:

  • Contact details for the strata manager or the secretary of the owners corporation.
  • The number of lots in the strata scheme.
  • The date of the last annual general meeting.
  • Financial information, including budget details and levy amounts.
  • Insurance details and coverage.
  • Fire safety measures and compliance certificates.
  • Other relevant maintenance and management details.

3. Accessibility

The data collected through Strata Hub is accessible to government agencies, and some parts are available to the public. This ensures that there is transparency in how strata schemes are managed and operated.
 
4. Compliance 

Strata schemes must comply with reporting requirements by submitting the necessary information within specified time frames. Failure to comply can result in penalties.
 
5. Benefits 

The main benefits of Strata Hub Reporting include:

  • Enhanced transparency and trust in strata management.
  • Improved access to vital information for current and prospective property owners.
  • Better regulation and oversight by government authorities.
  • Streamlined communication and information sharing among stakeholders.

6. Implementation

The system was rolled out as part of the broader legislative reforms in strata management in NSW. It involves the cooperation of strata managers, owners corporations, and government bodies to ensure that accurate and timely information is maintained.

Self-managed strata plans in NSW are strata schemes where the owners corporation handles the management of the property directly without engaging a professional strata managing agent. Under the Strata Hub Reporting requirements, self-managed strata plans must also comply with the same reporting obligations as those managed by professional strata managers.
 
It is important to note that Strata Hub Reporting in NSW is mandatory for all strata schemes in accordance with the Strata Schemes Management Amendment [Information] Regulation 2021, including both professionally managed and self-managed schemes. As noted above, failure to comply with the reporting requirements can result in significant penalties and fines. The exact amount of these fines can vary, but they are designed to enforce compliance and ensure that all strata schemes meet their obligations.
 
Overall, Strata Hub Reporting is a significant step towards modernising the strata management system in NSW, providing better oversight and ensuring that stakeholders have the information they need to make informed decisions about their properties.
 
To find out more on Strata Hub Reporting please visit the NSW Government sites here.
 
If you would like to discuss any of the above information further or have questions relevant to your specific strata scheme please contact our Property Team on (02) 4927 2900.