No discussions yet

Why don't you be the first to start a topic on this article?
Start a new discussion

We need your help to improve Living in Strata! Spot something not quite right or have more to add? Click on the pencil at the end of the article to edit or update… or even add an image.

To start a discussion or ask a question, use the box to the left (it's linked to the forum)

The owners corporation must keep accounting records and financial statements for at least 5 years [s. 103]. These include:

  • receipts consecutively numbered
  • a passbook, a bank deposit book, or a statement of deposits and withdrawals in order of date, that are bound or kept in a loose-leaf folder
  • 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 AGM
  • for each period beginning on the date the last statement was prepared and ending no earlier than 2 months before the next AGM [s. 106 (1)].

Under The Property Stock and Business Agents Act 2002, the Strata Managing Agent must open and operate a trust account for the owners corporation funds to be held in. The Owners Corporation may request the strata managing agent details of the trust account including:

(a) the name and number of the account,

(b) the name of the financial institution in which the account is current,

(c) the balance in the account standing to the credit of the owners corporation on a specified date,

(d) particulars of all cheques drawn on the account on behalf of the owners corporation as at that date and not presented and duly paid.

 

Something to contribute? Click on the pencil.
Last edited by Kim Fenton - SSKB
Comment
« Changes to the Financial Claims Scheme | Levies and the Administrative And Sinking Funds »