For many owners corporations, paperwork can feel like a never-ending chore. But when it comes to record keeping, it’s not just about being organised—it’s the law.

Under the Strata Schemes Management Act 2015 (NSW), owners corporations are legally required to prepare, maintain, and safely store a range of records. Failing to do so isn’t just poor practice—it’s an offence that can lead to penalties.

How Long Must Records Be Kept?

In most cases, records must be retained for at least 5 years. These can be stored mechanically, electronically, or in another secure format.

Examples of records that must be kept include:

• Financial statements and accounting records
• Meeting notices, agendas, and minutes
• Correspondence and orders
• Voting papers and proxy forms
• Notices of by-law changes or breaches

Minutes of meetings deserve special attention. While the law requires they be kept for 5 years, they also serve as a historical record of decisions that can prevent disputes down the track. Many well-run schemes choose to keep them indefinitely.

What Must Notices Include?

When issuing notices or orders, the following details must also be recorded:

• Date and manner of service
• Which part of the scheme the notice relates to
• The compliance deadline
• The date compliance was achieved

This documentation helps protect the owners corporation if a matter escalates to mediation or tribunal proceedings.

Who Can Inspect Strata Records?

Access isn’t just for the committee. Records can be inspected by:

• Lot owners
• Mortgagees or covenant chargees
• Authorised representatives (e.g. solicitors acting for an owner)

Requests must be made in writing, and inspections must be arranged at a reasonable time. Copies can be provided, but original records must remain in the custody of the owners corporation.

Technology Makes It Easier

While paper filing systems are still used in some schemes, modern strata management increasingly relies on cloud-based record-keeping software. Not only does this meet the legal requirements for electronic records, but it also makes documents easily accessible to owners and strata committees.

At Metro Strata, we provide secure online access to your building’s financials, meeting minutes, and compliance records—so you’re never left guessing where things stand.

Metro Strata’s Advice

Good record keeping isn’t just about ticking legal boxes—it builds trust and transparency within your community. Owners know where their levies are going, disputes can be resolved faster, and compliance risks are minimised.