Owners Corporations Act 2006 Summary
A plain-English summary of the key provisions of the Owners Corporations Act that affect your building.
Published 1 August 2026 · Updated 24 August 2026
What the Act covers
The Owners Corporations Act 2006 (Vic) is the primary legislation governing owners corporations in Victoria. It covers the functions and powers of an OC, financial management, insurance, meetings and resolutions, committees, managers, records, and dispute resolution through Consumer Affairs Victoria and VCAT.
The 2021 tier system
The Owners Corporations and Other Acts Amendment Act 2021 introduced five tiers. Tier 1: more than 100 lots. Tier 2: 51-100. Tier 3: 10-50. Tier 4: 3-9 lots. Tier 5: 2-lot subdivisions. Obligations around audited accounts, maintenance plans and committee requirements scale by tier.
Most StrataXcel clients are Tier 4 or Tier 5. Tier 4 buildings must still keep proper financial records, insure common property, and hold AGMs. Tier 5 two-lot subdivisions can be exempt from several obligations, but the exemptions are not automatic in all respects and insurance duties depend on the buildings themselves.
Key sections small buildings ask about
Section 46 requires reinstatement and replacement insurance for buildings with common property. Sections around fees and levies govern how annual fees are set and recovered. Part 5 regulates managers, including the requirement to be registered and to hold professional indemnity insurance.
This summary is general information, not legal advice. For how a provision applies to your specific building, get advice or ask us to review your plan of subdivision.
This reference is being expanded
A section-by-section index with plain-English explanations is in progress.