Is an owners corporation's ABN number required to set up a bank account?

Strictly speaking, no. There’s nothing in the Strata Schemes Management Act 2015 or the Property and Stock Agents Act 2002 that requires an owners corporation to hold an ABN to operate a bank account or, for that matter, a strata managing agent’s trust account.

However, in practice:

• Most banks will ask for an ABN when opening an account, particularly if it’s in the name of an owners corporation rather than an individual. This is part of their “Know Your Customer” checks and helps them report correctly to the ATO.
• An ABN is also essential if the owners corporation is required to register for GST (this only applies if the scheme earns significant income, e.g. commercial leases) which generally applies where the annual revenue exceeds $150,000.

So, while not a legal requirement, just about every strata scheme in NSW has an ABN. It avoids unnecessary tax complications, ensures smoother dealings with banks and suppliers, and costs nothing to obtain from the ATO.

That’s why the common view is: why not?