I'm in the process of taking strata (body corp) management away from the strata mngt company that currently looks after it and bring it in house as a self managed strata.
I'm having a few issues with this, though.
Firstly, the bank requires me to register the strata corp with ASIC before they will open an account. Apparently because the word "inc" appears in the name "Strata Plan No. 2xxxx Incorporated" per the cert of title for common property.
I have other properties in self managed groups and the bank accounts were opened without ASIC registration.
Is this something new?
Secondly, The existing strata manager says it must be a trust account and be audited annually. That brings about a whole new level of complexity, making me rethink the self management path.
Either I'm being given misinformation or the regualtions have changed.
Any input would be warmly received. Thanks in advance!
I'm having a few issues with this, though.
Firstly, the bank requires me to register the strata corp with ASIC before they will open an account. Apparently because the word "inc" appears in the name "Strata Plan No. 2xxxx Incorporated" per the cert of title for common property.
I have other properties in self managed groups and the bank accounts were opened without ASIC registration.
Is this something new?
Secondly, The existing strata manager says it must be a trust account and be audited annually. That brings about a whole new level of complexity, making me rethink the self management path.
Either I'm being given misinformation or the regualtions have changed.
Any input would be warmly received. Thanks in advance!