Record Keeping: Strata Titles
In this chapter, we look at the legal requirements around maintaining your Corporation’s records.
The Strata Titles Act and its Regulations spell out what and for how long the Corporation needs to keep records.
Legislation – Strata Titles Act
Click on Legislation above, to view strata title legislation on record keeping.
Legislation – Community Titles Act
Click on Legislation above, to view community title legislation on record keeping.
The keeping of records is the responsibility of the Secretary and Treasurer. This may be delegated to a body corporate manager if one is appointed.
Community Titles Act
The Community Titles Act and Regulations spell out the Corporation’s duties in relation to keeping of records.
Section 135—Register of owners of lots
(1) A community corporation must maintain a register of the names of the owners of the community lots which shows the last address known to the corporation of each owner.
(2) A corporation must keep a record of the information used to compile the register for the period required by the regulations.
Section 136—Records
A community corporation must:
(a) make proper accounting records of its receipts and expenditure; and
(b) make a record of any notice or order served on the corporation; and
(c) make such other records as are prescribed by the regulations, and must keep—
(d) the records referred to in paragraphs (a), (b) and (c); and
(e) the minutes of meetings of the corporation; and
(f) a copy of all correspondence received or sent by the corporation; and
(g) copies of all notices of meetings of the corporation and its management committee (if any); and
(h) such other documentary material as may be prescribed by the regulations, for the period or periods required by the regulations.
137 – Statement of accounts
(1) A community corporation must prepare a statement of accounts in respect of each financial year showing:
(a) the assets and liabilities of the corporation at the end of the financial year;
(b) the income and expenditure of the corporation for the financial year.(2) Copies of statements prepared under subsection (1) must be kept by the corporation for the period prescribed by regulation
Regulation 10 – Record keeping (sections 136 and 137)
(1) Documents of the following kinds must be kept by community corporations:
(a) receipts for the expenditure of money; and
(b) passbooks, deposit books and all other documents providing evidence of the deposit or investment of money; and
(c) ADI statements and all other documents providing evidence of dealing with money invested or on deposit.(2) All documents and records kept by a corporation must be kept in an orderly manner to enable them to be found easily for the purposes of inspection or copying.
(3) The following periods are prescribed under sections 136 and 137(2) of the Act as the period for which a corporation must keep its records and documents:
(a) minutes of meetings—30 years;
(b) accounting records—7 years;
(c) any statements of account—7 years;
(d) notices or orders served on the corporation—7 years;
(e) correspondence—7 years;
(f) notices of meetings—7 years.
