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
