All strata schemes are required to have a 10-year Capital Works Fund Plan. This plan helps owners corporations budget for the repair, maintenance, and replacement of major common property items. By planning ahead, committees and owners gain a clear picture of future expenses and can set levies appropriately, reducing the risk of unexpected costs.
From 1 April 2026, owners corporations will be required to use a new standard form when preparing a new Capital Works Fund Plan or reviewing an existing one.
If a scheme already has a current 10-year plan in place and it is not yet due for review, there is no immediate requirement to switch to the new format. However, any plan that remains in use after 1 April 2026 should be updated as needed to reflect changes in the building’s condition, maintenance requirements, or the scheme’s budget.
What this means for your scheme
If your owners corporation has a current Capital Works Fund Plan that is not yet due for review, no action is required before 1 April 2026.
When your plan is next reviewed or replaced, it will need to be prepared using the new standard form. In the meantime, committees should ensure their existing plan remains accurate and up to date, taking into account ongoing maintenance needs and financial circumstances.
Keeping your Capital Works Fund Plan current helps your scheme stay financially prepared, compliant with legislation, and well-positioned to manage future works with confidence.
Direct Strata Management – 5 February 2026