AscendCorp Strata understands that it is incredibly demanding for owners to keep up to date with strata property regulations, and legislation is becoming far more convoluted over time as the industry evolves.

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Strata legislation IN NSW

Strata legislation in NSW is inescapable, and you must understand its ramifications on your strata scheme. As experts on strata legislation, this is where AscendCorp Strata steps in and assumes the responsibility to ensure clients are informed of legislation and how it will impact them.

Routine communication with strata committees and updated resolutions at owners corporation meetings allow us to keep up with your legislative requirements and implement strata compliance solutions. It is imperative for your scheme that when new legislation is passed, you stay fully compliant.

Furthermore, we are successfully partnered with Sydney’s leading law firm, which systematically updates us on strata legislation. Since partnering with Bannermans Lawyers, they regularly update us concerning regulations that are in the pipeline and soon to be passed, what to expect, and how any new strata legislation in NSW will impact our clients.

This constant communication channel allows us to be effectively positioned before any new strata legislation comes into force. This gives our clients a significant advantage and allows for the implementation of the correct strata compliance solutions and not having to scramble at the last minute when the enforcement deadline is fast approaching.

Strata Fire Safety Compliance

Strata fire safety is paramount, and keeping up with the latest legislation is essential. The NSW Environmental Planning & Assessment Regulation 2000 Part 9: Fire Safety….states that “the owner of a building, to which an essential fire safety measure is applicable, is required to maintain each essential fire safety measure in the building”. Strata fire safety compliance is critical for successfully running a strata scheme, whether residential or commercial, and AscendCorp Strata will manage your strata health and safety compliance.

Strata Building Insurance Valuations

The Strata Titles Act 1985 requires strata building insurance to be held that covers the total replacement value of the building development. Due to constantly altering real estate prices, a strata insurance quote must be concluded frequently to ensure the strata scheme is sufficiently covered in the event of a claim. Obtaining strata building insurance valuations and strata title insurance are part of AscendCorp Strata’s management service, and we stay up to date with any future changes to legislation and provide strata management compliance solutions.

Strata Property Health & Safety Compliance

The legislation surrounding strata health & safety requirements can often seem long-winded and need clarification. AscendCorp Strata has provided management solutions for strata building health & safety for over 15 years. Strata health and safety compliance is essential for owners corporations, as it’s the owner’s responsibility to ensure that all common property is safely conserved and as free from possible risk as feasible. Strata building health & safety assessments must be conducted regularly. Reviews are usually completed annually, although if changes within the strata property give rise to any significant new risks, a strata property health & safety report should be completed. 

Strata Sinking Fund Forecast

The strata sinking fund forecast is a statement prepared that anticipates the repair or replacement costs to any common property of strata titled residential or commercial buildings. A sinking fund forecast report should be ready to cover the body corporate for a minimum of ten years. By projecting the costs for the next ten years, the owners have time to plan and save for the future expenses detailed in the strata sinking fund forecast statement.

At AscenCorp Strata, we collaborate with NSW’s most experienced professional quantity surveyors to prepare forecast reports. Our strata legislation management team continues to stay current with any and all legislative changes that may play a role in your strata scheme’s operation. Generally speaking, a strata sinking fund forecast would be completed every five years. Still, given Australia’s economic disruption over the past few years, it’s well worth considering reviewing your last sinking fund forecast report early to remain in line with the rise in costs. 

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Strata Tax Depreciation Schedule

Even after all this time, a large percentage of investors in Australia are still not capitalising on tax depreciation in a strata property scheme that allows them to reduce their taxable income. A building depreciation schedule is a statement that summarises all possible tax depreciation deductions for both commercial and residential buildings. Whether newly constructed or aged, most properties have depreciation available.

A strata tax depreciation schedule will blueprint the capital works deductions, plus equipment depreciation, for the lifecycle of the strata property. Owners within the strata scheme can then claim this in a tax return each financial year. Claiming tax depreciation in a strata property scheme can save thousands of dollars annually. As experts in strata legislation, AscendCorp Strata can assist you with your building depreciation schedule, saving you money by reducing the tax you pay. The schedule is a one-off fee, and you can even adjust old tax returns with your depreciation schedule and claim back your overpaid taxes.

The AscendCorp Strata compliance management service provides owners corporations with a highly efficient and cost-effective mechanism for staying on the right side of strata legislation in NSW. By partnering with us, you don’t need to worry about new legislation on residential strata insurance or a change to strata fire inspection legislation. AscendCorp Strata will keep you one step ahead.

Key Features of AscendCorp's Strata Compliance Solutions

Keep Up-To-Date With Relevant Strata Legislation

Regular Communication With Strata Committees

Keep Abreast Of Updated Strata Legislation in The Pipeline

Strata Fire Safety Compliance

Strata Building Insurance Valuations

Strata Health and Safety Compliance

Sinking Fund Forecast

Strata Tax Depreciation Schedule

Why Choose Our Strata Compliance & Strata Legislation Management Service?

AscendCorp Strata has been operating with Ryan Walmsley as managing director and Sarah Walmsley as managing director and licensee in charge at AscendCorp Strata since the company’s founding. With a combined 25 + years of strata property act regulations expertise, we can provide the best strata compliance management services in NSW.

With Ryan’s deep insight into the development process and post-completion management and Sarah’s meticulous attention to detail, a high level of property industry education, and a reputation as one of the finest strata managers in the industry, AscendCorp Strata lead from the front when with their knowledge of the Strata Management Act and in dealing with strata property regulations. From obtaining a strata insurance quote, understanding the strata act in NSW and strata by-laws, or complying with new strata Property Act regulations; you’re in safe hands with us.

Strata Legislation & Strata Compliance Management FAQs

The Strata Management Act 2015 regulates the management of strata schemes. It also oversees any disputes associated with strata schemes. The Strata Act in NSW was brought in on November 5th, 2015, and was intended to assist strata committees, the owners, and residents to exist together in the interest of the strata community. there are 18 strata by-laws that the owners corporations involved in strata schemes can either embrace or modify to ensure that all normal things are protected.

Under the Strata Act in NSW, all owners corporations are legally required to hold commercial or residential strata insurance. Strata title insurance should cover events such as theft or damage to common areas of the building, as well as cover events such as fires, floods, lightning, and explosions. You must ensure that the strata building insurance policy conforms to NSW legislation. This is something that a strata legislation management service can facilitate for you to ensure you and your building are appropriately covered in the event of a disaster.

The AscendCorp Strata management team deals with strata fire safety compliance on a daily basis, and it is something we have a vast amount of expertise in. The strata fire safety compliance requirements are as follows. Firstly, there are fire safety measures, which include automatic fire detection and alarm systems, automatic fire suppression systems, emergency lighting and exit signage, fire hose reels, hydrants, and portable extinguishers. Then you have a strata fire safety schedule that lists the measures that are compulsory and the standards they need to be at. The schedule can be issued by a council or an accredited certifier or by a council with a fire safety order. For a new, altered, or repurposed building, a strata fire safety certificate is required. A certified or qualified person can commence with a strata fire inspection once everything has been approved.

A strata sinking fund is a reserve of funds put aside for the maintenance and repair of strata scheme buildings. A professional strata scheme sinking fund forecast report will forecast long-term how much the owners corporation needs to place in the fund to financially protect the building for a minimum of ten years. A strata sinking fund will take care of all common areas, including hallways, elevators, gardens, gyms etc.