The amendments to the Strata Titles Act, which came into effect on 1st May 2020, introduced a new requirement for a designated Strata Company to establish a Reserve Fund.  A designated strata company is a scheme with 10 or more lots, a scheme that has a building replacement cost of more than $5,000,000 or a survey strata scheme with improvements to the common property to the value of $5,000,000 or more.     Read the article…………………………………