The start of a new financial year is often associated with personal tax returns, but it is also important for strata schemes. It’s not just another date. It’s an opportunity to review the building’s financial position, upcoming maintenance and priorities for the months ahead.
Terms like capital works fund, maintenance scheduling and forecasting might sound highly complex. But they’re just part of good long-term strata planning. Being organised and proactive helps reduce unnecessary, expensive surprises in the future.
While most strata committees cover the insurance basics, some issues can be overlooked without careful oversight. Lesser-known or easily missed exposures can cause serious trouble down the line, so it’s important to stay informed.
Levies are an essential component of strata living, ensuring the smooth operation and maintenance of your property. But you may be curious about where all the money from strata levies actually goes. It’s a fair question, considering the significant financial commitment involved.
Strata management is a dynamic world, and the rising costs of strata scheme insurance can seem quite confronting. In the last 12-18 months, there has been a notable upswing in residential strata premiums due to several factors, including recent natural disasters, industry-wide rate increases and more.
Why have insurance? Landlord insurance is specifically designed for investors, and many investors have interests in strata schemes. It generally provides coverage against damages, losses and liabilities that may occur during the rental period.
Strata levies are a common feature of multi-unit residential properties and a common question is why are my strata levies so high? The fees can vary depending on the size and complexity of the property, the level of amenities and the quality of the building and facilities.
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Reviewing the previous year helps identify where spending aligned with expectations and where it differed. Looking at completed projects, deferred works and unexpected costs provides useful information that can help shape a more realistic budget for the year ahead.
A budget should not simply be carried forward because it worked the previous year. As insurance premiums, utilities, contractor rates and other operating costs change, owners corporations should review whether the budget and levy contributions still reflect the scheme’s current financial requirements.
A maintenance schedule is based on the information available at the time it is prepared. As inspections are completed, repairs carried out and new issues identified, priorities may change, making it worthwhile to review whether planned works still align with the building’s condition and available funds.
A strata manager does not make decisions on behalf of the owners corporation. Their role includes coordinating information, financial reporting, quotes, meeting papers and practical next steps so committees have the information they need as the year progresses.
Financial reporting is most useful when it supports regular discussion rather than simply being filed away. Reviewing reports throughout the year helps committees monitor progress, keep agreed priorities moving and respond when circumstances change.
Yes. Completing one project can influence what work should happen next. For example, waterproofing may allow another project to be delayed, while roof replacement can remove the need for ongoing patch repairs. In other cases, repair work may uncover additional defects that were not originally visible or accounted for.
