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How the 2 Lot Strata Scheme Easily Tackles Reports

keep it simple

To make reporting of 2-lot schemes easier and faster, you will now be able to simply skip fields that may not apply. For example, a two-lot scheme that validly chooses not to:

  • maintain a capital work fund, or
  • combined with building insurance.

The $3 per lot fee model allocates administrative costs fairly to smaller schemes, leaving no out-of-pocket expense left behind compared to larger schemes.

As with all other schemes, a two lot scheme is required to keep clear records and to hold meetings.

What should be considered in the 2-lot method when reporting?

  1. Is your scheme exempt? All two lot schemes must be completed. annual hierarchy reportTwo parcel schemes must meet certain criteria in order to be exempt from reporting requirements for capital works and mixed building insurance information. Owners pass a unanimous resolution not to have building insurance and/or capital investment funds.
  2. Are you self-managing? Many two-lot schemes are self-managed, meaning they do not have hierarchical management agents.use our handy Streamline reporting of self-administered scheme checklists See our blog for an easy-to-follow guide on what information you should collect and where to find it.
  3. Who should I contact for emergency services? The two-lot method requires that you designate at least one emergency services contact.read us Quick access to your strata building can save lives For more information on this requirement, please visit our blog.

find out more about hierarchy report Access the hub.

2 lot scenario

Samira and Dhaval are neighbors in a two-slot duplex in Canterbury. Duplex homes are completely self-contained and there are no other buildings or common property in the scheme.

When they purchased the Strata scheme five years ago, they held a meeting and agreed not to have a capital investment fund or multiple building insurance. This was recorded as a unanimous resolution in the minutes.

Once Samira has completed the report on behalf of the scheme, the online report[スキーム管理情報]section on capital works and building insurance[スキームは免除されます]can be checked.

https://www.nsw.gov.au/how-two-lot-strata-schemes-can-easily-tackle-reporting How the 2 Lot Strata Scheme Easily Tackles Reports

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