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    What bank account does a self-managed strata need?

    Flatflo editorial team · Last reviewed 2026-10-20

    Quick answer

    Strata laws generally require the owners corporation's money to be kept in an account with an authorised deposit-taking institution (a bank, building society or credit union), in the name of the owners corporation. Many banks offer accounts designed for strata schemes.

    The full answer

    Don't use a committee member's personal account. Keep the account in the scheme's legal name, such as "The Owners – Strata Plan 12345", and keep separate records for each fund. Check your state's exact requirements and ask your bank about strata accounts.

    Also asked as: strata bank account requirements · body corporate bank account

    General information only, not legal advice. Strata rules differ between states and change over time; check your state's law or get advice for your situation. Last reviewed 2026-10-20.

    Related questions

    Who should be able to make payments from the strata account?Usually two committee members, often the treasurer and one other, so no single person can move money alone. Agree the authority at a meeting and record it in the minutes. Set spending limits so larger payments need committee approval first.What is the strata roll and how do we keep it?The strata roll is the official register of lots, owners, their contact and notice addresses, unit entitlements and other details your state requires. The secretary keeps it up to date when lots are sold or details change.How long must we keep strata records?Most states require key records such as minutes, financial records and the strata roll to be kept for a set number of years, and some records permanently. Periods vary by state, so check your state's law and keep records stored safely and searchably.Can owners see the strata records?Yes. Owners generally have a right to inspect the owners corporation's records, sometimes for a small fee and within set timeframes. Buyers and their agents can also request information. Make records easy to access to avoid friction.Does our strata need to register for GST?An owners corporation generally only has to register for GST if its annual turnover reaches the registration threshold set by the ATO. Smaller buildings often don't need to. Check with the ATO or an accountant for your building's situation.

    More topics

    Getting startedLeaving your strata managerCommittee rolesMoney and leviesMeetings and votingRepairs and maintenanceInsurance and safetyBy-laws and disputesSelling and buyingCosts and software

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