Strata Schemes Management Act 2015 No 50
Division 4 Accounting records
96 Accounting records must be kept by owners corporation
(1) An owners corporation must keep accounting records in accordance with this Division.Maximum penalty—5 penalty units.(2) The accounting records may be made and stored in the form determined by the owners corporation.(3) Separate accounting records must be kept for the administrative fund, the capital works fund and any other fund kept by the owners corporation.(4) The regulations may prescribe accounting records that are required to be kept by an owners corporation.
(1) The treasurer of an owners corporation must, if requested to do so, issue a receipt for each payment received by the treasurer for the owners corporation and must cause a record to be kept of the details of such receipts.(2) Each receipt must contain the information prescribed by the regulations for the purposes of this section.
98 Transaction records
(1) The treasurer of an owners corporation must record particulars of money received or money disbursed by the owners corporation as soon as practicable after each transaction occurs.(2) The treasurer must balance the records of transactions and carry the balance forward at the end of each prescribed period.(3) At the end of each prescribed period, the treasurer must compare the entries in the records of transactions with the banking records for the account of the owners corporation and enter in the records of transactions—(a) the amounts credited to the account and appearing in the banking records for which no receipt had been given, and(b) the amounts debited to the account and appearing in the banking records for which no cheque had been drawn.(4) Any necessary reconciliation (showing the balance in the account of the owners corporation as indicated in the banking records, and adding any money received but not banked and deducting any cheques drawn but not presented for payment) must be entered by the treasurer in the record of transactions at the end of the entries for the relevant prescribed period.(5) In this section—prescribed period means 12 months or, if an annual general meeting of the owners corporation determines a shorter period, that shorter period.
99 Levy register
The treasurer of an owners corporation must keep a levy register that includes, for each lot in the strata scheme (other than a utility lot), the following particulars in relation to contributions payable—(a) the date on which the contribution is due and payable,(b) the type of contribution and the period in respect of which it is to be made,(c) the amount of the contribution levied shown as a debit,(d) the amount of each payment shown as a credit,(e) the date on which each payment relating to the contribution is made,(f) whether a payment made was made in cash or in some other specified manner,(g) whether an amount paid comprised full payment or part payment,(h) details of any discount given for early payment,(i) the balance of the account.