LOT ENTITLEMENTS BILL STIRS INDUSTRY<< Back to Blog
The recent consultation paper and following public hearing in relation to changes to the lot entitlements in the BCCM Act has attracted 274 submissions by individuals, companies and industry bodies including SCA (Qld).
Senior Vice President of SCA (Qld) Alan Buckle was at the public hearing on 31 October where discussions revolved around whether to permit a retrospective change to further disrupt the industry and what the lot entitlements should be based on. During the interviews the main points raised frequently were:
Can administrative fund expenses be shared equally, but sinking fund expenses on lot entitlements based on the value of the lots in the scheme?
Should lot entitlements only be prepared by a quantity surveyor who would accurately identify the different proportions needed for each expense type?
Allowance be made for amalgamation and subdivision processes; and
Should allow for changes under circumstances where there was a clear error in the lot entitlement calculation otherwise, caveat emptor (let the buyer beware).
Considering the history of the legislation, there was strong support to sort this issue once and for all for certainty in this market space. The Committee will now brief the Attorney-General for a decision. We await the outcome eagerly……. As do many of our owners.