Monday, September 28, 2020

Strata Record Keeping – Financial Records & Statements

Strata Record Keeping 

The owners corporation must record all details of notices given under the Strata Schemes Management Act or any other Act. Orders under these Acts, or by a public authority, local council or a court, must also be recorded and kept for at least 7 years. Forms for the records of owners corporations can be purchased from some law stationers.

The owners corporation must keep the following information for at least 7 years:

  • details of motions passed,
  • copies of all correspondence received and sent, and
  • notices of owners corporation and strata committee meetings.

Proxies given to the owners corporation must be kept for at least 7 years after the proxy expires.

Financial records and statements 

The owners corporation must keep accounting records and financial statements for at least 7 years. These include:

  • receipts consecutively numbered
  • a statement of deposits and withdrawals for the account of the owners corporation
  • a cash book
  • a levy register.

The owners corporation must prepare financial statements:

  • for the period beginning on the date the strata plan was registered and ending no earlier than 2 months before the first Annual General Meeting (AGM)
  • for each period beginning on the date the last statement was prepared and ending no earlier than 2 months before the next AGM.

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

Read more on Owners Corporation Responsibilities here

Strataville Editorial
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