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Contents (2016 - 501)
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Strata Schemes Management Regulation 2016
Current version for 18 December 2017 to date (accessed 22 September 2019 at 04:31)
Part 3
Part 3 Financial management
18   Payment plans for unpaid contributions: section 85 (6) of Act
(1)  A payment plan for the payment of overdue contributions is to be in writing and is to contain the following:
(a)  the name of the lot owner and the title details of the lot,
(b)  the address for service of the lot owner,
(c)  the amount of the overdue contributions,
(d)  the amount of any interest payable for the overdue contributions and the way in which it is calculated,
(e)  the schedule of payments for the amounts owing and the period for which the plan applies,
(f)  the manner in which the payments are to be made,
(g)  contact details for a member of the strata committee or a strata managing agent who is to be responsible for any matters arising in relation to the payment plan,
(h)  a statement that a further plan may be agreed to by the owners corporation by resolution,
(i)  a statement that the existence of the payment plan does not limit any right of the owners corporation to take action to recover the amount of the unpaid contributions.
(2)  The strata committee must, at the request of a lot owner who has entered into a payment plan, give the lot owner a written statement for each calendar month (or any longer interval specified by the lot owner) of the plan that sets out the payments made during that month and the amount of unpaid contributions and interest owing.
19   Notice of recovery action for unpaid contributions, interest or expenses
For the purposes of section 86 (5) (c) of the Act, a notice of proposed action to recover an amount of contributions, interest or expenses must include the following:
(a)  the date the amount was due to be paid,
(b)  the manner in which the amount may be paid,
(c)  whether a payment plan may be entered into,
(d)  any other action that may be taken to arrange for payment of the amount.
20   Statement of key financial information
(1)  For the purposes of section 94 (1) of the Act, the statement of key financial information for an administrative fund or capital works fund must be in or to the effect of Form 2 in Schedule 1.
(2)  For the purposes of section 94 (2) of the Act, the statement of key financial information for any other fund must be in or to the effect of Form 3 in Schedule 1.
21   Calculation of annual budget
For the purposes of section 95 (4) of the Act, the amount of the annual budget is to be the sum of the following:
(a)  the amount of contributions levied for the year concerned (whether or not they have been paid),
(b)  any income of the owners corporation from any other source,
(c)  any other amounts held by the owners corporation for the purposes of the owners corporation.
22   Accounting records
The accounting records required to be kept for the purposes of section 96 (4) of the Act are as follows:
(a)  receipts consecutively numbered,
(b)  a statement of deposits and withdrawals for the account of the owners corporation,
(c)  a cash record,
(d)  a levy register.
23   Levy register
(1)  The levy register must include a separate section for each lot in the strata scheme that is not a utility lot.
(2)  Each of those sections must specify, by appropriate entries, the following matters in relation to each contribution levied by the owners corporation and must indicate whether those entries are debits or credits and the balances for those entries:
(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 was made,
(f)  whether a payment made was made in cash or by cheque 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.
24   Receipts
For the purposes of section 97 (2) of the Act, each receipt issued by the treasurer of the owners corporation must include the following:
(a)  the date of issue of the receipt,
(b)  the amount of money received,
(c)  the form (cash, cheque, postal order or other) in which the money was received,
(d)  the name of the person on whose behalf the payment was made,
(e)  if the payment is for a contribution to the administrative or capital works fund:
(i)  a statement that the payment was made in respect of that contribution, and
(ii)  the lot number in respect of which the contribution was made, and
(iii)  the period in respect of which the payment is made (if relevant), and
(iv)  details of any discount given for early payment,
(f)  if the payment is not a payment referred to in paragraph (e)—particulars of the transaction in respect of which the payment is received,
(g)  if the payment is received in respect of more than one transaction—the manner in which the payment is apportioned between transactions.
25   Limits on spending by large strata schemes
For the purposes of section 102 (1) of the Act, the prescribed amount for a proposed expenditure is $30,000.
26   Approval for legal services costs
(1)  The amount of $15,000 is prescribed for the purposes of section 103 (2) (b) of the Act.
(2)  For the purposes of section 103 of the Act, approval is not required under that section to the obtaining of legal services in relation to a matter that is not urgent if the cost of the legal services does not exceed $3,000.