More Related Content Similar to Keeping Books and Records of an Owners Corporation (20) More from TEYS Lawyers (17) Keeping Books and Records of an Owners Corporation1. The Strata Manager’s Role in Keeping the
Books & Records of the Owners Corporation
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2. A Strata Manager’s Statutory Obligation
Keeps
Books of
Account
Maintains
Records
Strata Manager
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3. At Completion of This Module You Will Be
Able To
1. Recognise
the
importance
of a strata
roll
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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
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4. 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
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The strata roll may be
Who must
pay levies
kept electronically s.92(2)
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5. 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
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6. 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)
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7. 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
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8. 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
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9. 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
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10. 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
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11. 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
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12. 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
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13. National Privacy Principals Require
Openness
Must have a clearly
expressed privacy policy
on the management of
personal information
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14. 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
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15. Next Training Module
7. Compliance with Strata and
Other Applicable Laws
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16. 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.
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