What is a capital works fund plan?
It is a long-term forecast of the major repairs and replacements a strata building expects, and how much needs to be set aside to pay for them.
The names vary by state. In NSW it is the capital works fund, in Queensland the sinking fund, and other states use their own terms and rules. The idea is the same everywhere: big-ticket items like roofs, lifts, facades and plant wear out on a timeline, and owners need to save for them before they fail.
A specialist usually prepares the plan, and the committee and strata manager review it with them. Check the requirements in your state with your strata manager, as the rules on how often plans are reviewed differ.
Why does maintenance data make a fund plan more defensible?
Because a forecast built on real records is easier to explain to owners than one built on assumptions.
When the levy goes up, owners want to know why. A plan that says the lifts are due for replacement in six years is stronger when the committee can also show the repair call-outs over the last two years, the age of the equipment and the condition noted at the last inspection.
- Asset details with purchase dates, values and end-of-life values recorded
- Repair history with every fault and call-out logged against the asset
- Inspection records with photos and notes showing condition over time
- Costs with approved invoices attached to the jobs they relate to
- Exports so the specialist preparing the plan can work from the data directly
Where does MYBOS fit in the process?
MYBOS holds the building's records. It does not prepare the forecast itself.
What MYBOS does
Keeps the asset register, maintenance schedule, repairs, inspections and invoices in one place, and exports the data for the people preparing and reviewing the plan.
What the specialist does
Assesses the building, estimates timing and costs for major works and prepares the plan for the committee to adopt.
The year-to-year side, justifying the maintenance budget and the levy, is covered in our guide to maintenance plans for apartment buildings.
How can a committee prepare for the next plan review?
Start keeping the records now, so they are there when the review comes round.
- Get the asset register in orderMake sure major assets are listed with their age, location and key details.
- Log every repair against an assetKeep it on the asset record rather than in an inbox, so patterns show up.
- Keep inspection photosCondition over time is evidence a specialist can use.
- Attach invoices to jobsSo the real cost of keeping each asset running is clear.
- Share the recordsExport the data for the specialist and for the committee meeting.
This page is general information, not financial or legal advice. Talk to your strata manager and a qualified specialist about your building's plan.