Keeping Books and Records of an Owners Corporation

The Strata Manager’s Role in Keeping the
Books & Records of the Owners Corporation

© Copyright 2013 Teys Lawyers

www.teyslawyers.com.au

A Strata Manager’s Statutory Obligation
Keeps
Books of
Account

Maintains
Records

Strata Manager



At Completion of This Module You Will Be
Able To

1. Recognise
the
importance
of a strata
roll


2. Calculate
how long
certain
records must
be kept

3. Determine
when accounts
must be
delivered

4. Provide the
right
information for
inspection

5. Appreciate
the evidentiary
value of
certificates for
purchasers


The Strata Roll
Who gets
meeting
notices

 Under s.96 of SSMA each
scheme must keep a
strata roll

The Strata
Roll
Determines

Who is
entitled to
vote


 The strata roll may be
Who must
pay levies

kept electronically s.92(2)


Information A Strata Roll Must Include
Lot Property

Common Property

 The owners name

 Strata scheme number and address

 An Australian address for service

 The original owner (developer) and strata
manager

 Information of change of ownership s.118

 Units of entitlement

 Information about leases s.119

 Insurance details
 By-laws



Keeping Records
 Certain records must be

kept forever
 Other records must be
kept for no less than five
years
 Both types can be kept

electronically s.100(2)


Information You Should Keep Forever
Notices served on the OC s.101
Court orders s.101
Compliance details s.101
Minutes of meetings s.102


Information You Must Keep for at
Least Five Years
Minutes of meetings other than general meetings / meetings which grant approvals
Financial statements
Correspondence
Notices of meetings

Proxies
Voting papers
Notices of change of ownership and leases


Accounts
Owners corporations are required to keep statements
of income and expenditure for both administrative fund
and sinking fund s.106 (2)

Accounts must be prepared from the date of
registration of plan or the last set of accounts to a
date, which is not earlier than two months before the
date of the next succeeding annual general meeting
All owners corporations are entitled to resolve to
have the accounts audited but large strata schemes
must be audited before being presented to the AGM
s.102



Inspection of Records
 Records may be inspected
by:
– An owner
– A mortgagee
– A person authorised by the
above

 The request must be in
writing
 A fee is payable



Information That Must Be Made
Available for Inspection
The strata roll
Any records or documents
Building plans and specifications
Certificates of title
Last financial statements
Current policies of insurance
Records / documents in the custody of / under the control of the OC


Be Aware - National Privacy Act 1988
Provisions Apply to Strata
 Have applied since 1988

 Because an OC discloses
personal information for a
benefit , service or

advantage (fee)
 What strata managers do as
a contractor under Privacy

laws binds the OC



National Privacy Principals Require
Openness
 Must have a clearly

expressed privacy policy
on the management of
personal information



Certificates About Lots
 A lot certificate may be requested by:
– An owner
– A mortgagee
– A person authorised by the above
 The request must be in writing
 A fee is payable
 There is a prescribed form
 Certificate has evidentiary
significance in favour of purchaser /
incoming mortgagee / lessee


Next Training Module
7. Compliance with Strata and
Other Applicable Laws



About the Presenter
Michael Teys is the Founder and Principal Lawyer of TEYS Lawyers. He has a
Bachelor of Laws and practices exclusively in the area of strata and community title
law. He is a Fellow of the Australian College of Community Association Lawyers. He
was formerly an Adjunct Lecturer with Charles Sturt University. He has also been the
CEO of a publicly listed company and one of Australia’s largest strata management
companies managing over $8B of residential and commercial property. Michael
appears weekly on SKY News Business Channel's Property Success with Margaret
Lomas and is a regular panellist for the property edition of Your Money, Your Call for

the same channel. You can read Michael’s blog at www.michaelteys.com and follow
him on Twitter at @MichaelTeys
Teys Lawyers practice nationally in strata and community title law representing owners corporations, bodies
corporate and apartment owners. The firm’s practice groups include building defects, strata community
disputes, strata title property law, by-law / rules and levy / fee collection.
TEYS Lawyers provide an entirely cloud based working platform for their team. The firm provides flexible
working arrangements and has remote working locations in Queensland and Victoria.



Keeping Books and Records of an Owners Corporation

Recomendados

Recomendados

Mais conteúdo relacionado

Semelhante a Keeping Books and Records of an Owners Corporation

Semelhante a Keeping Books and Records of an Owners Corporation (20)

Mais de TEYS Lawyers

Mais de TEYS Lawyers (17)

Último

Último (20)

Keeping Books and Records of an Owners Corporation