In our video series Michael Vumbaca, General Manager at Jamesons Strata discusses how the new laws address gifts and benefits.
The new legislation now says that a strata manager cannot accept a gift at a value of more than $60 at any one time.
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What happens if a strata manager accepts a gift higher than $60 in value?
If a strata manager accepts a gift valued at $60 or more, they can face fines of up to $2,200.
The reason this legislation has been brought into place is that there were a high number of complaints about gifts received by strata management companies and potential conflicts of interests that they have with other companies.
For example, if a lawyer provides free training to a strata management company. In return, they are then given work to provide for the strata management’s clients. This could be seen as a conflict of interest in the strata management industry.
At Jamesons, we don’t accept any gifts from any contractors. We do this to provide a level playing field for all of our associated partners.
Jamesons are a family run business that have provided Sydney residents with strata management services for over 50 years. If you would like more information regarding strata management, please contact Jamesons Strata Management on (02) 8969 3400.