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Books and Records

For an Owners Corporation there are legal requirements around retaining records and documents, which may be stored mechanically, electronically or by other means.  

Sections 100 to 105 of The Strata Schemes Management Act 1996 set out regulatory framework. Section 104 has the relevant paragraph for retention of records.

Certain records to be retained for prescribed period

An owners corporation must cause the following to be retained for 5 years or such other period as may be prescribed by the regulations:

1. the records, notices, orders, minutes of meetings and accounting records required to be kept under this Division,
2. its financial statements,
3. copies of correspondence received and sent by the owners corporation,
4. notices of meetings of the owners corporation and its executive committee,
5. proxies delivered to the owners corporation,
6. voting papers relating to motions for resolutions by the owners corporation and to the election of office holders and the executive committee,
7. records served on the owners corporation by the strata managing agent relating to the exercise of functions by the agent,
8. such other documents as may be prescribed by the regulations.

All official records and documents must be kept for five years. This includes everything from financial records, correspondence and all other documents. An Owners Corporation must also keep the minutes of all its meetings. We believe the contents of these minutes provide an accurate history of the life and decisions of the strata scheme. Therefore we recommend that minute books be retained beyond the five year statutory requirement and, if practicable, we recommend archiving the minute book indefinitely.  

At The Strata Agency we endorse this practice and consider the archiving of official strata documents a good idea. It is an offence for an Owners Corporation not to comply with the record keeping requirements and a further offence not to retain the records for the prescribed period.  

Certain records may be inspected by an owner, mortgagee or covenant chargee of a lot or a person authorised by the owner, mortgagee or covenant chargee. The request must be submitted in writing and a suitable time arranged. Copies of the documents may be taken but the original documents cannot be removed from the custody of the Owners Corporation. If you have any questions regarding your obligations around maintaining books and records, please contact your Strata Manager.