Question: I own a lot in a mixed-use development. The Strata Management Statement (SMS) was registered in 1999. Does the 2015 Development Act require mixed-use developments review the SMS every five years?
Answer: The Strata Management Statement must contain a provision/process for the SMS to be reviewed every 5 years.
Yes, it is our understanding that Strata Management Statement must contain a provision/process for the SMS to be reviewed every 5 years under the provisions of Schedule 4 of the Strata Schemes Development Act, 2015 (NSW) irrespective of the date of its registration but only in relation to the shared facilities:
Schedule 4, 2 (1):
a review process to ensure that the allocation of those costs remains fair with any such review taking place as soon as practicable after any change in the shared facilities or services (including any change in the use of those shared facilities or services), with at least one such review occurring every 5 years even if no such change has occurred.
Leanne Habib
Premium Strata
E: info@premiumstrata.com.au
P: 02 9281 6440
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