Finance & Records

An Owners corporation has the power to:

1. •set fees to cover expenses for administration, maintenance & insurance
   

2. •levy special fees for extraordinary expenditure
   

3. •borrow money
   

4. •invest money
   

5. •recover money owed
   

6. •charge penalty interest
   

7. •operate a bank account.
   

A prescribed owners corporation must also:

1. •audit financial statements for each financial year
   

2. •establish a maintenance fund to cover the cost of implementing the maintenance plan.
   

An Owners corporation must:

1. •pay remuneration to managers and employees 
   

2. •pay insurance premiums
   

3. •keep financial records
   

4. •prepare annual financial statements
   

5. •have a tax file number, ABN & be registered for GST with the ATO if income is $75k or more
   

6. •pay income tax
   

7. •withhold tax from suppliers who fail to provide their ABN
   

8. •lodge business activity statements (BAS) with the Australian Taxation Office.
   

In addition to the above, Prescribed owners corporations must:

1. •prepare financial statements in accordance with standards set out in the OC Regulations 2007
   

2. •have these financial statements audited at the end of the financial year.
   

Financial statements at annual general meetings

Financial statements must be presented at each annual general meeting including summary of all transactions during the financial year, income, expenditure, assets and liabilities records and penalty interest charges.

Auditing financial statements

Prescribed owners corporations must have their financial statements audited at the end of each financial year.

Running An OC

Rules & Resolving Disputes

Property Maintenance

Finance & Records

Prescribed Forms

Fees

Tax

Insurance

An Owners Corporation

Records