As per section 6.2 of the Strata Property Act, a depreciation report must satisfy the following:
Strata corporations are required to obtain a detailed depreciation report to outline in the detail the condition of the building and the maintenance it will need over the next 30 years. The purpose of doing so is to outline how strata councils will deal with the problems and ensure that adequate funds are put aside each fiscal year in order for renewal work to be carried out at the appropriate time before asset failure occurs and with minimal financial hardship for the owners. The Act requires that the depreciation report be updated every three years.
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