Help Centre
All information is general of nature and should not be taken as advice. Legislation varies by state and territory. If you are unsure, please contact us.
Compliance
Introduction
Strata compliance can feel complicated, but really it is just about record-keeping. A task that Loma Strata is brilliant at supporting you with.
Your main compliance responsibilities are:
- Maintain Building Insurance
- Record meetings, agenda items and voting on agenda items.
- Maintain a bank account for the community (always have multiple signatories for expenses)
- Record financial incomings and outgoings.
- Provide reasonable notice for meetings, levies and notices
- Get multiple quotes for all jobs.
- Maintain the Strata Roll. Which is the contact information for all lot owners.
- Pay shared utility bill
We will go through them in more detail below.
Maintain Building Insurance
Each community must maintain insurance for the overall building, this will most likely be your biggest expense every year.
NOTE. This is just for the insurance of the building, not of each owner's contents. Owners need to take contents insurance out separately if this is something they want to do.
Check out our insurance guide to learn more.
Recording meetings, voting and agenda items
Loma Strata makes this incredibly easy. Every meeting that is created for your property is always recorded, cannot be deleted, and once it has been completed, it automatically moves into the past meetings archive. So you can access and review the content at any time.
Voting is automatically calculated per each lot owners allocated voting power, so this is also passively recorded.
All you need to do is use Loma Strata to run your meetings and the software will take care of everything else.
Maintain a bank account
Check our get started guide for information regarding how to open a shared strata bank account.
It is strongly recommended to open a bank account for your strata community where all levies will be sent to, and all invoices will be paid from. Get multiple signatories from the community - usually committee members - so that no money can leave the account without at least two members sign off.
Record financial incomings and outgoing
Loma Strata makes this super easy.
Every levy that is issued to the community needs to be documented. Every time it is paid, it needs to be recorded as well. This is all passively done in Loma Strata as well. Every time the community issues levies it is recorded in the platform. It can't be deleted, only archived if there was an error, ensuring full transparency.
Once this is paid it gets transferred to the paid levies list and again is stored permanently. In 10 years time you can check and it will still be there.
Provide reasonable notice for levies, meetings and notices.
Each state has different legislation for minimum requirements, but a good rule of thumb to follow is at least 40 days for everything. If levies need to be paid, provide the community 40 days to pay them, if a meeting needs to be held, put it 40 days into the future.
Each community has different cadence, so do what works for everyone in the community, as long as everyone is included.
When there are emergencies then there will obviously be a faster timeline, but communication with everyone in the community is critical on these occasions so that nobody is left behind.
Get multiple quotes for everything
This is a legislative requirement in most states and territories, but it is in the best interest of the community to do this anyway.
To ensure transparency and that you are getting the best, fairest price for the works, always source multiple quotes. Whether this is for your building insurance, or to repair a fence that has fallen down.
Maintaining the Strata Roll
The Strata Roll is the official term for the basic details and contact details for everyone in that community.
At an absolute minimum, it needs to include:
- Strata plan number
- Address
- Date the owner acquired the lot
- Each owner's name, address and contact details (such as email)
- Lot liabilities and entitlements for each lot, as well as the total for the property
Some states require further details, and would need the following as well:
- if the owner has an agent, the agent’s name, address and contact details
- if the owner has a tenant, the tenant’s name, contact details and date the tenancy started
- the name and address of the original building owner (usually the developer)
Pay shared utility bill
Some communities have a water tap on common property, or lights on common property. On these occasions there is a separate meter that is registered to the strata scheme. Upon setting up self management, be sure to check the handover documents to find these accounts, and update the contact details appropriately (usually a member of the committee) so that they can be paid accordingly
NSW Only. Submit records on Strata Hub annually
NSW is generally ahead of the rest of the country when it comes to strata scheme transparency.
One of the requirements in NSW is to submit documents every year after your Annual General Meeting. This is an effort to centralise all documentation. This information is not generally publicly available.
For more information on how to submit, check the official strata hub website.