That depends:
If you have less than five units, you do not have to complete a depreciation report.
If you have no Depreciation Report, you must have one done by 13 December 2013.
If you already have a proper Depreciation Report completed, no matter who did it, (e.g.) by 22 June 2011, you must have a new one done by a Qualified Person by 22 June 2014 (i.e. in three years).
If you already had a proper Depreciation Report completed, no matter who did it, (e.g.) on 20 May 2012, you must you must have a new one done by a Qualified Person by 20 May 2015 (i.e. again, in three years.
Your strata can exempt itself from completing a Depreciation Report by a 3/4 vote within every 18 month period. The most practical way to do this is to approve the exemption at each annual meeting.
As indicated above, there may be consequences to stratas that exempt themselves from Depreciation Reports as buyers, financial institutions and insurance companies begin to look for them.