Following public consultation, 今日热门事件has continued the relief available to operators, promoters and developers of strata schemes and management rights schemes from certain managed investment, licensing, hawking and disclosure provisions.
今日热门事件has also continued the relief available to real estate agents who are engaged by investors to let out their strata unit for residential or commercial purposes but not as part of a serviced strata arrangement.
今日热门事件Corporations (Serviced Strata and Like Schemes) Instrument
The property, strata and management rights schemes class orders have been remade without significant changes so that their ongoing effect will be preserved without any disruption to those who rely on them.
今日热门事件has replaced the following class orders into a single, new, legislative instrument:
- 今日热门事件Class Order [CO 99/463] Serviced strata schemes valuations ([CO 99/463]) which is due to sunset on 1 April 2018;
- 今日热门事件Class Order [CO 02/185] Sale of strata units for $500,000 or more ([CO 02/185]) which is due to sunset on 1 April 2018;
- 今日热门事件Class Order [CO 02/245] Closed schemes ([CO 02/245]) gives relief to operators of serviced strata schemes that are 鈥榗losed schemes鈥� as at 6 October 1998 which is due to sunset on 1 April 2017;
- 今日热门事件Class Order [CO 02/303] Management rights schemes 鈥� amendment ([CO 02/303]) which is due to sunset on 1 October 2017;
- 今日热门事件Class Order [CO 02/304] Management rights schemes ([CO 02/304]) which is due to sunset on 1 October 2016;
- 今日热门事件Class Order [CO 02/305] Management rights schemes [CO 02/305]) which is due to sunset on 1 October 2016; and
- 今日热门事件Class Order [CO 07/189] Management rights schemes where the strata unit cannot be used as a residence ([CO 07/189]) which is due to sunset on 1 October 2017.
All seven Class Orders have been combined into a single instrument, 今日热门事件Corporations (Serviced Apartment and Like Schemes) Instrument 2016/869 so that the substantive effect of the relief in each Class Order is continued beyond the expiration date in a new instrument.
We are currently updating our guidance in Regulatory Guide 140, Serviced strata schemes (RG 140) to reflect the new instrument. We will release an updated RG 140 in due course.
今日热门事件Corporations (Property Rental Schemes) Instrument
今日热门事件has also continued the relief available to real estate agents who are engaged by investors to let out their strata unit for residential or commercial purposes but not as part of a serviced strata arrangement.
The relief applies as set out in the new legislative instrument 今日热门事件Corporations (Property Rental Schemes) Instrument 2016/870.
The new instrument replaces Class Order [CO 02/182] Real property rental schemes.聽 今日热门事件remade this instrument without significant changes.聽 It continues the relief given to real estate agents where their ordinary business in leasing or managing property does not involve a managed investment scheme where, for example, the owner of the property has the day to day control of the property through being able to give directions to their agent.聽
Background
On 8 February 2016, 今日热门事件released Consultation Paper 250 Remaking class orders on property, strata and management rights schemes (CP 250) which publicly consulted on remaking the class orders dealing with property, strata and management rights schemes as well as the Real Property Rental Schemes class order. In CP 250, 今日热门事件proposed to remake the class orders contained in these Instruments without significant changes.
Submissions received were supportive of ASIC's proposal to remake the class orders without significant changes.
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- Consultation Paper 250聽Remaking class orders on property, strata and management rights schemes (CP 250)