Record Keeping Services
We offer Record Keeping services Melbourne wide including:
- Port Melbourne
- Elwood
- McKinnon
- Murrumbeena
- Prahran
- Oakleigh
- Richmond
- Elwood
- St Kilda
- St Kilda East
- Windsor
- South Yarra
- Toorak
- all surrounding areas
Record Keeping
- Maintain Owners Corporation Records: This is a fundamental duty. It involves keeping a comprehensive and organized repository of all official documents. This includes, but is not limited to, the plan of subdivision, the corporation’s rules, minutes of all meetings (general, special, and committee), contracts, legal correspondence, building plans, and any other document relevant to the management and operation of the Owners Corporation. These records must be easily accessible for inspection by lot owners and their representatives as required by law.
- Maintain the Owners Corporation Register: The register is a crucial document that contains detailed information about each lot within the corporation. This includes the name and contact details of the lot owner(s), their postal and email addresses, and details of any mortgagees or other interested parties. The manager is responsible for updating this register promptly whenever a change in ownership occurs or when a lot owner’s contact information is updated.
- Books of Account: This refers to the formal financial records of the Owners Corporation. It includes ledgers, journals, and all supporting documentation for every financial transaction. The books of account must be maintained in a clear, accurate, and transparent manner to reflect the corporation’s financial position at all times.
- Maintain accounting records for Owners Corporation and individual lot owners: This involves more than just the general books of account. The manager must track all income and expenditure for the corporation as a whole. Additionally, they must maintain individual financial records for each lot owner, showing their levy contributions, any special levies, and any outstanding balances. This ensures that lot owners are correctly charged and credited.
Financial Management
- Management of Owners Corporation bank accounts: This responsibility includes opening and managing bank accounts in the name of the Owners Corporation. The manager is responsible for depositing levies, paying invoices, and reconciling the accounts regularly. All financial transactions must be authorized and conducted in accordance with the corporation’s rules and budget.
- Facilitate annual audits: Owners Corporations of a certain size or with specific rules are required to have their financial accounts audited. The manager’s role is to prepare all the necessary documentation, including the books of account, financial statements, and supporting records, for review by a qualified auditor. They will also liaise with the auditor to address any queries and ensure the audit is completed in a timely manner.
- Prepare budgets: Annually, the manager is responsible for preparing a draft budget for the upcoming financial year. This budget estimates the anticipated income (from levies) and expenditure (for maintenance, insurance, utilities, etc.). The budget is presented to the Owners Corporation for approval at the Annual General Meeting.
- Prepare annual statement of accounts: At the end of each financial year, the manager prepares a detailed statement of accounts. This document provides a clear summary of the corporation’s financial performance over the past year, comparing actual income and expenditure against the approved budget. This statement is included in the notice of the Annual General Meeting and is presented to lot owners for their review.
- Prepare and issue levy notices: Based on the approved annual budget, the manager calculates the levy contributions for each lot. They then prepare and distribute formal levy notices to all lot owners, specifying the amount due, the due date, and the payment methods. This process is essential for ensuring the corporation has the necessary funds to operate.
Administrative & Legal Compliance
- Provide Owners Corporation certificates: When a lot is being sold, a prospective buyer’s solicitor will often request an Owners Corporation certificate. The manager’s responsibility is to prepare this document, which provides key information about the lot and the corporation, including the current levy status, any outstanding legal issues, and the corporation’s financial position.
- Of the common seal and its application as required: The common seal is the official stamp of the Owners Corporation. Its use is legally significant, as it formalizes and authenticates documents. The manager is typically the custodian of the common seal and is responsible for its proper application on contracts, legal documents, and other official paperwork, as directed by the committee or general meeting.
- Convene and attend the Annual General Meetings: The manager is responsible for organizing the Annual General Meeting (AGM). This includes setting the date, time, and location, preparing and distributing the meeting notice and agenda, and compiling all relevant documentation. During the meeting, the manager typically acts as the chairperson or secretary, presenting the financial statements, budget, and other reports, and ensuring that the meeting is conducted in accordance with the corporation’s rules and relevant legislation.
- Prepare Notices and Minutes of Committee Meetings: The manager also provides administrative support for the Owners Corporation Committee. This involves preparing and distributing notices for committee meetings and, crucially, taking and distributing the minutes of those meetings. The minutes are a formal record of the decisions made, and they must be accurate and distributed in a timely manner to all committee members.
Operational & Tax Management
- Facilitate registered key and security access systems: In buildings with shared access systems, such as intercoms, key fobs, or master keys for common areas, the manager is responsible for the administration of these systems. This involves maintaining a register of all keys and fobs, issuing new ones to lot owners and tenants, and arranging for the replacement or deactivation of lost or stolen keys/fobs.
- Manage insurance renewals and facilitate claims: Insurance is a critical expense for an Owners Corporation. The manager is responsible for obtaining quotes, liaising with insurance brokers, and ensuring the corporation’s insurance policies (e.g., building, public liability, and committee member liability) are renewed on time. In the event of a claim, the manager will assist in the process, gathering information, lodging the claim with the insurer, and following up on its progress.
- Arrange income tax file and ABN numbers as required: The manager is responsible for ensuring the Owners Corporation is registered with the Australian Taxation Office (ATO) and has the necessary tax file number (TFN) and Australian Business Number (ABN) if required for its activities. This is a foundational step for managing the corporation’s tax obligations.
- Facilitate all annual taxation arrangements: BAS, PAYG, Income tax returns: This encompasses the full range of tax compliance. The manager will work with a tax agent to prepare and lodge the Owners Corporation’s annual income tax return. If the corporation has employees or needs to manage other tax obligations (e.g., GST or PAYG), the manager will facilitate the preparation and lodgement of Business Activity Statements (BAS) and other required documentation.
Get In Touch!
(03) 9016 0123
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