Victorian Owners Corporations Regulations 2018 Are Now in Effect
Posted on 12 February 2019
For the first time in over a decade, government regulations for owners corporations in Victoria have been updated.
New Model Rules
- Model Rule 2.1: Members of a sub-committee can be appointed by a committee without reference to the OC.
- Model Rule 5.2: Covering external appearance of lots; written approval from the OC is required for an owner or occupier to make changes to the outward look of the property.
The OC is not allowed to withhold approval without reasons related to community, structural and common property integrity.
- Model Rule 5.3: Requires notice of lot renovations that might impact common property or its use and utility to be given to the owners corporation.
Summary of 2019 Fees For what?
- The number of fee units has not changed.
- The manager registration fee will be $206.06 based on the fee unit for 1-7-2018 to 30-6-2019.
- The annual registration fee will be $144.65 based on the fee unit for 1-7-2018 to 30-6-2019.
- The late lodgement fee will be $14.45 the fee unit for 1-7-2018 to 30-6-2019.
OC Managers will need to boost their insurance as they are now required to hold professional indemnity insurance that covers claims up to $2M AUD, up from $1.5M.
Committees are now able to resolve a member’s ability to hold office – the committee member in question to cease holding office if absent from meetings without explanation within any 6-month period if the committee chooses.
Many issues that are considered outside the scope of the regulations have been officially noted and may be considered for future actions in the context of legislation change proposals. Some of the out-of-scope matters covered topics such as:
- Mandating comprehensive maintenance plans for common property.
- Improving access to VCAT decisions.
- Improving committee decision-making and addressing conflicts of interest.
For more information, visit consumer.vic.gov regulatory impact statement page.
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If you’re seeking best-practice OC management from dedicated property industry professionals, contact us today at 8638 1822.