116 Long-term maintenance plan


A body corporate must establish and regularly maintain a long-term maintenance plan.


A long-term maintenance plan must cover a period of at least 10 years from the date of the plan or the last review of the plan.


The purpose of a long-term maintenance plan is to—


identify future maintenance requirements and estimate the costs involved; and


support the establishment and management of the funds; and


provide a basis for the levying of owners of principal units; and


provide ongoing guidance to the body corporate to assist it in making its annual maintenance decisions.