Compliance with the obligations of applicable legislation is an important aspect to managing a Body Corporate. A variety of Audits, Reports and Forecasts are periodically required.
In particular, Fire Safety, Pool Safety, Workplace Health & Safety, Common Property Insurance and Sinking Fund Forecasts are all compliance obligations for Bodies Corporate. In most cases, these tasks are actioned or reviewed annually.
Following is a summary of the compliance obligations in respect of audits and reports;
Initial & Annual Fire Compliance
Initial Audit, followed by Annual inspections: Ongoing compliance obligation.
Pool Safety Laws
Annual Certification: Ongoing compliance obligation Commencing Dec 1st 2010.
Form 23 Pool safety certificate
A pool safety certificate is required in Queensland when selling or leasing a property with a regulated pool.
Form 36 Notice of no pool safety certificate
The owner must complete this form when selling or entering into an accommodation agreement (e.g. lease, hotel stay) for a premises with a regulated pool if a pool safety certificate is not in effect for the pool. This form only needs to be completed once, unless the required information changes after the form is completed. This form cannot be used for an accommodation agreement for a premises with a non-shared pool (e.g. house).
Workplace Health & Safety
Ongoing compliance obligations. Periodic Audit of Common Property.
Insurance & Sinking Fund
Insurance Valuation & Sinking Fund Forecast
Updated Common Property Insurance valuation must be obtained at least every 5 years.
Sinking Fund Forecast
Body Corporate must maintain a Sinking Fund Forecast 9 years in advance.