I own in a 2-lot strata scheme. When the strata scheme commenced ten years ago, a capital works fund was established. Can we now cease the capital works fund, or must it continue once it has been established?
As you are a 2-lot scheme, an exemption may apply.
As you are a 2-lot scheme, the following exemption may apply. However, it does require a unanimous resolution, and the scheme needs to satisfy paragraphs (b) & (c):
74 Capital works fund
….- Exemption An owners corporation for a strata scheme comprising 2 lots need not establish a capital works fund if—
- the owners corporation so determines by unanimous resolution, and
- the buildings comprised in one of those lots are physically detached from the buildings comprised in the other lot, and
- no building or part of a building in the strata scheme is situated outside those lots.
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Leanne is leading the conversation in strata and community management across Australia. With a distinguished career spanning over 25 years and holding credentials as a licensed Strata and Community Manager and Real Estate Managing Agent, Leanne has masterfully redefined the essence of premium strata service. Her approach, honed through years in senior roles within top-tier agencies, is unwaveringly client-focused, ensuring that expectations are not only met but consistently exceeded.
As a pivotal member of the Strata Community Association (SCA) and the CEO of the award-winning Premium Strata, Leanne, together with her team of seasoned strata managers, embodies a commitment to unparalleled service excellence. Beyond steering Premium Strata and Premium Building Management, her influence extends across the property industry as a leading voice. Leanne's insights on legislative updates and industry shifts are invaluable, offering guidance to lot owners on intricate strata matters and fostering effective and informed strata management practices.
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