Wednesday, September 30, 2020

Strata Schemes Management Act 2015 No 50

Part 5
Division 3
Section 93

Requirements for financial statements | Section 93

(1)  The financial statements are to be prepared on a cash or accrual basis and to comprise only the following matters—

(a)  a statement of income and expenditure for the administrative fund,

(b)  a statement of income and expenditure for the capital works fund,

(c)  a statement of income and expenditure for any other fund kept by the owners corporation.

(2)  The financial statement for an administrative fund or capital works fund must specify the following—

(a)  the fund, and the reporting period, for which it is prepared,

(b)  the balance carried forward in the fund from the previous period,

(c)  the particulars and amount of each item of income of the fund received during the current period,

(d)  the particulars and amount of each item of expenditure from the fund during the current period,

(e)  the amount of the contribution to the fund determined for each person liable to make such a contribution,

(f)  the balance outstanding for each such contribution,

(g)  the cash in the fund at the end of the current period,

(h)  the balance of the fund,

(i)  in respect of each liability to contribute to the fund—any unpaid arrears and any balance outstanding,

(j)  the extent to which, at the end of the current period, the fund is in debit or credit.

(3)  The financial statements for any other fund must specify the following—

(a)  the fund, and the reporting period, for which it is prepared,

(b)  the balance carried forward in the fund from the previous period,

(c)  the particulars and amount of each item of income of the fund received during the current period,

(d)  the particulars and amount of each item of expenditure from the fund during the current period,

(e)  the cash in the fund at the end of the current period,

(f)  the balance of the fund,

(g)  the extent to which, at the end of the current period, the fund is in debit or credit.

© State of New South Wales Department of Customer Service. For current information go to www.nsw.gov.au.

Disclaimer: Reproduced from the Strata Schemes Management Act 2015 . This website does not give legal advice or other professional advice. You should seek legal or other professional advice before acting and not rely on any of the content on this website.

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