QLD: Are treasurers, secretaries or strata managers required by law to maintain an asset register?

Question: Are treasurers, secretaries, or strata managers required by law to maintain an asset register? If so, what are the requirements?

Answer: The obligation rests with the body corporate – not a specific committee member.

Section 226 of the standard module requires the body corporate to maintain an asset register for any assets of more than $1,000 in value.

The register needs to include the following details:

1. a brief description of the asset;


2. whether the asset was purchased or was a gift;


3. when the asset became a body corporate asset;


4. if the asset was purchased—
   
   1. the cost of the asset; and
   
   
   2. the name and address of the person from whom the asset was purchased;


5. if the asset was a gift—
   
   1. its estimated value; and
   
   
   2. the name and address of the donor.

The obligation rests with the body corporate – not a specific committee member. Ordinarily, this obligation would be contracted out to a body corporate manager – but the body corporate remains principally responsible.

Todd Garsden Mahoneys E: tgarsden@mahoneys.com.au P: 07 3007 3753