The NSW strata treasurer handover: taking over the books cleanly

When a strata treasurer steps down, the scheme’s financial memory can walk out the door with them. A clean handover protects the building and the new treasurer; a bad one means months reconstructing what should have been handed over in an afternoon. Here is how to do it properly — and what to do when you inherit a mess.

Why handover matters

In a self-managed scheme there is no agency holding the records between treasurers — continuity depends entirely on what gets passed on. Get it right and the new treasurer can issue the next levy and answer any owner’s question from day one. Get it wrong and the scheme loses its history: which levies were paid, what is insured, what the 10-year plan assumed.

What you should receive

• The strata roll (owners, lots, unit entitlements, contact details)
• Financial statements and accounting records for both funds
• Bank account details and access (and the list of current signatories)
• The levy register — who has paid, and any arrears
• Insurance policies and current certificates
• The 10-year capital works plan
• The scheme’s by-laws
• Signed contracts (insurer, contractors, any agreements)
• Recent meeting minutes and the latest Strata Hub report

The records the scheme must legally keep

This is not just good practice — it is the law. Under section 180 of the Strata Schemes Management Act 2015, an owners corporation must keep most records for at least 7 years: financial statements and accounting records, minutes, meeting notices, voting papers, correspondence, and signed agent or contractor agreements. The strata roll must be kept current. And since 11 June 2024, records the scheme is required to keep must be kept electronically (for new records created from that date). Failing to keep proper records can attract on-the-spot fines.

Bank accounts and signatories

One of the first practical jobs at handover is the bank. The scheme’s funds are held in the owners corporation’s name; update the authorised signatories so the new treasurer and committee can operate the accounts, and remove anyone who has stepped down. Confirm both the administrative and capital works funds, and check there are no surprises — unpresented payments, or a fund running low.

A new treasurer’s first-week checklist

1. Get access to the records and the bank accounts.
2. Confirm the current balances of both funds and reconcile to the latest statements.
3. Review the levy register — what has been issued, what is paid, what is overdue.
4. Check insurance is current and the certificate is on file.
5. Read the 10-year capital works plan and the latest budget.
6. Note the next deadlines: the AGM, the Strata Hub report, insurance renewal.
7. Update signatories and contact details, including on the Strata Hub within 28 days.

When you inherit a mess

If the records are incomplete, do not panic — and do not ignore it. Reconstruct what you can from bank statements and levy records, write down what is missing, and raise it with the committee so it is on the record that the gap predates you. Then put a clean system in place from day one, so the next handover is painless. You are not liable for a predecessor’s failures, but you are responsible for the scheme’s records from the moment you take over.

Doing it the easy way with OneStrata

Handover is the problem OneStrata was built to solve:

• Everything in one account. The ledger, strata roll, documents, insurance and meeting history live together — the new treasurer logs in and it is all there.
• Financials that continue. Because the books live in OneStrata, balances and statements carry over instantly — no reconstructing them from a shoebox.
• An immutable history. Every transaction and decision is recorded in a tamper-proof log, so the scheme’s memory survives every change of committee.
• Records kept right. By-laws, certificates and contracts stay in document storage — kept electronically, as the law now requires.

The scheme’s records belong to the scheme, so a treasurer handover becomes a five-minute access change, not a lost year.

Clean-handover checklist

• Hand over (or obtain) the strata roll, financials and bank access
• Provide the levy register with current arrears
• Pass on insurance policies, certificates and the 10-year plan
• Include by-laws, contracts and recent minutes
• Update bank signatories and remove people who have left
• Update contact details on the Strata Hub within 28 days
• Confirm records are kept electronically (required since 11 June 2024)
• Note the next AGM, Strata Hub and insurance deadlines

This guide is general information for NSW strata committees, not legal or financial advice. Record-keeping obligations are set out in the Strata Schemes Management Act 2015 (including sections 96 and 180) and its Regulation; always confirm current requirements with NSW Fair Trading (nsw.gov.au). OneStrata is record-keeping and management software for small to medium size strata schemes; it is not a licensed strata managing agent and never holds your funds.

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