OWNERS CORPORATIONS
OWNERS CORPORATIONS
Under the Owners Corporations Act 2006, prescribed owners corporations
must have a
maintenance plan and a maintenance fund. By LAW. See Consumer Affairs Victoria for more detailed
information.
https://www.consumer.vic.gov.au
/housing
/owners-corporations
/buying-into-an-owners-corporation
prescribed-owners-corporations#:~:
text=
What%20is%20a%20prescribed%20
owners,
fees%20in%20a%20financial%20year.
Prescribed owners corporations (formerly body corporate):
• have more than 100 lots (including storage lots, car parking lots, and accessory or
ancillary lots), OR
• collect more than $200,000 in annual fees in a financial year. This fee total includes
fees collected:
HOWEVER - LTMP's are not limited to Owners Corporations.
Any type of
property or large business can benefit
greatly from a LTMP. Property portfolios would benefit greatly from a single point of
consolidated reporting
method giving the ability to undertake property analysis to understand financial performance and
positioning.
LIFE CYCLE & REPLACEMENT "PLANNED MAINTENANCE"
Life cycle and replacement or "planned maintenance", refers to the larger-scale plant and
equipment maintenance not picked up or addressed under regular routine maintenance.
PLANNED MAINTENACE is to replace building plant and equipment and their subsystems that are at
the end of or nearing their end of their serviceable life cycle.
