Responsibilities of the owners corporation - Financial records and statements

The owners corporation must keep accounting records and financial statements for at least five years. These include:

• receipts consecutively numbered
• a passbook, a bank deposit book, or a statement of deposits and withdrawals in order of date, that are bound or kept in a loose-leaf folder
• a cash book
• a levy register.

The owners corporation must prepare financial statements:

• for the period beginning on the date the strata plan was registered and ending no earlier than two months before the first Annual General Meeting (AGM) 
• for each period beginning on the date the last statement was prepared and ending no earlier than two months before the next AGM.