10 year Sinking Fund Plans
Owner corporations will be required to work out their capital expenditure needs for the next 10-years. Owners corporations are expected to use either their own resources or outside experts to devise these plans.When you have to do this is determined by your strata number:
- Numbers 50,000 and over by 1 July 2006
- SP 30,000 – 49,999 by 1 July 2007
- SP 10,000 – 29,999 by 1 July 2008
- SP 1 – 9,999 by 1 July 2009.
By the second AGM after these dates a plan should be in place. So hopefully, this should remove one of the surprises of being a unit owner.
More...[fairtrading.nsw.gov.au/.../strata/sinkingfunds.html]
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