This article about the role of a NCAT compulsory appointed strata manager.
Question: We have an NCAT compulsory appointed strata manager. The lot owners do not receive any financial reports. Is this usual?
We have an NCAT compulsory appointed strata manager. The lot owners do not receive any financial reports with regard to the income and expenditure of our strata scheme e.g. monthly reconciliation reports or reports under regulation 41 of the Property Stock Agents Regulation 2022. Is this legal?
Answer: You should obtain a copy of the NCAT Orders appointing the agent for clarity on the specificity/breadth of the functions/powers of the compulsory agent.
It appears that your compulsory agent was ordered to exercise all the functions of the owners corporation, chairperson, secretary, treasurer and strata committee of the owners corporation, in which case, there would be no requirement for the agent to provide records to himself or herself (however, all records must be kept and form part of the books and records of the owners corporation).
You should obtain a copy of the NCAT Orders appointing the agent for clarity on the specificity/breadth of the functions/powers of the compulsory agent.
Leanne Habib
Premium Strata
E: info@premiumstrata.com.au
P: 02 9281 6440
This post appears in Strata News #666.
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- NSW: When is a Strata Scheme Not Functioning Satisfactorily for the Purposes of Appointing a Compulsory Strata Manager?
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If a compulsory strata manager is ordered to exercise all the functions of the owners corporation, it means he would have access to all financial records. Why would he keep financial reports to himself? What is lot owners what those reports for tax returns?