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Significant changes to the way Owners Corporations operate in Victoria came into effect as of 1 December 2021.
These amendments affect anyone who owns a property covered by an Owners Corporation as well as property developers and OC managers.
In particular, the reforms introduced a 5 tiered system for OCs with different levels of administration being required regarding financial statements, maintenance plans and funds management depending on the number of lots covered by the OC.
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You can read more about these important rule changes on the Consumer Affairs website here: