Wednesday, September 30, 2020

Strata Financial Statements

Each reporting period, the owners corporation must prepare full accounting strata financial statements and a statement of key financial information.

The statement of key financial information provides all lot owners with an overview of the financial management of the strata scheme’s funds. It must be sent out when notification is given of an upcoming AGM, and must include the following information:

  • Name of fund
  • Reporting period
  • Balance carried forward from previous reporting period
  • Total income received during reporting period
  • Total interest earned by fund during reporting period
  • Total contributions paid during reporting period
  • Total unpaid contributions payable for reporting period
  • Total expenditure for maintenance during reporting period
  • Total expenditure for administration costs during reporting period
  • Balance of fund at end of reporting period
  • List of principal items of expenditure proposed for next reporting period.

A statement of key financial information for other funds established for specific purposes must also be provided, including the following information:

  • Name of fund
  • Reporting period
  • Balance carried forward from previous reporting period
  • Total income received during reporting period
  • Total interest earned by fund during reporting period
  • Balance of fund at end of reporting period.

A lot owner may also request the full financial statements from the owners corporation and they must be provided at least 2 days before the AGM.

AUDITED ACCOUNTS

For schemes of more than 100 lots, or with a budget of over $250,000, the financial accounts must be audited annually to meet Australian Auditing Standards. Other schemes may choose to have their accounts audited.

© State of New South Wales (NSW Fair Trading). For current information go to fairtrading.gov.au

Strataville Editorial
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