Like most states across Australia, Queensland’s Parliament has been busy introducing legislation to minimise the impact of COVID-19 on individuals, businesses, and body corporates.
To help reduce adverse effects and support the community, the Queensland Government has passed the Justice and Other Legislation (COVID-19 Emergency Response) Amendment Act 2020 which has enabled temporary changes to the Body Corporate and Community Management Act 1997. The new legislative changes came in as of 25 May 2020 and will remain in place until 31 December 2020.
The new legislation impacts rules and regulations pertaining to:
- Sinking fund budgets
- Applying penalty interest to late levies
- Statutory obligations for starting debt recovery proceedings
- Borrowing funds
For a more detailed breakdown of what the changes mean for owners and committees, visit here.