Question: I am an apartment owner in a large strata scheme of more than 100 lots. As a committee member and individual owner, can I access all bills and expense statements plus incoming money (Trust Account) statements anytime?
Answer: Strata managers generally maintain a portal via their strata software which allows access to this information at any time.
There’s no different provisions for large strata schemes (more than 100 lots) than there is for other strata schemes when it come to records and financial statements.
As an owner within a strata scheme, the requested documents relating to income and expenditure for your strata scheme are available via a search of the owners corporation records arranged with the owners corporation (generally via the strata manager).
It is generally the case that strata managers will issue committee member’s financial statements monthly or on request. There may or may not be a charge for this under the agreement.
Strata managers also generally maintain a portal via their strata software which allows access to this information at any time.
See below sections of the Act which are relevant.
STRATA SCHEMES MANAGEMENT ACT 2015 – SECT 182 – search of books and records
STRATA SCHEMES MANAGEMENT ACT 2015 – SECT 93 – financial statement requirements
This post appears in the October 2021 edition of The NSW Strata Magazine.
Andrew Terrell
Bright & Duggan
E: Andrew.Terrell@bright-duggan.com.au
P: 02 9902 7100
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