In New South Wales, the owners corporation is comprised of all the owners within the strata scheme, and is responsible for a number of matters including common property maintenance and repairs, strata scheme insurance, and finance management.
However, another responsibility of the owners corporation is record keeping as established under The Strata Schemes Management Act 2015 (NSW) and Strata Schemes Management Regulations 2016 (NSW). We recognise these things can be confusing, which is why we’ve put together this handy checklist of records you must keep as a member of the owners corporation.
What are the recording requirements?
According to the Department of Fair Trading NSW, the following records must be kept:
Strata roll
Format: Electronically or in writing
In order to service notices, the strata roll must include:
You must record the following information:
Record keeping
Format: Electronically or in writing
You must record all details of:
Furthermore, your records must include:
Financial records
Format: Electronically or in writing
The owners corporation is required to keep accounting and financial records and statements including:
How long must records be kept for?
The following information must be kept for at least seven years:
It is also important to remember that any owner or mortgage may ask to inspect the records as long as they pay a prescribed fee.
Looking for reliable and responsive strata managers? Get in touch with our professional strata management team to see how we can help you.