A Beginner’s Guide to Record-Keeping for Self-Managed Strata or Community Schemes

What every DIY committee needs to know to stay organised and compliant 

Running a self-managed scheme is a great way to save on management fees and stay directly involved in how your building is run. But with that independence comes responsibility especially when it comes to keeping proper records. 

Good record-keeping isn’t just a legal requirement under strata and community scheme laws in every Australian state and territory it’s also your best defence against disputes, confusion, and headaches down the track. 

Here’s a simple guide for small, self-managed schemes. 

1. Financial Records: Keeping Track of Every Dollar 

When there’s no strata manager, the owners corporation (that’s all of you together) is responsible for tracking income and expenses. 

What to keep: 

• Receipts for payments made to the scheme (levies, reimbursements). 

• A record of all money in and out, including who paid/received it, how much, and why. 

• Separate accounts for: 

• Administrative fund (day-to-day expenses) 

• Sinking fund/Capital works fund (long-term repairs and upgrades) 

• Any special-purpose funds (e.g., major projects) 

• Bank account statements and reconciliations. 

Tip for small schemes: 
Use a simple spreadsheet or affordable accounting software (like Xero, MYOB or even Excel) to keep things tidy. 

2. The Levy Register 

As owners, you’re responsible for setting levies and tracking payments from each lot. 

Your levy register should show: 

1. What levies each lot owes and has paid 

1. Due dates for contributions 

1. Any discounts or penalties applied 

1. Current balance for each lot 

This register helps you chase unpaid levies fairly and keeps everything transparent. 

3. Meeting Records: Minutes and Notices 

Every decision you make as a group,  from approving levies to authorising repairs should be documented. 

What to keep: 

• Minutes from all meetings (committee and general meetings) 

• Notices of meetings sent to owners 

• Copies of motions and resolutions passed 

• Proxies and voting papers (especially for big decisions like special levies or by-law changes) 

How long to keep them? 
In most states, at least 7 years. 

Tip: Nominate a committee member as the “minutes keeper” to make sure meetings are properly documented and stored. 

4. Correspondence: Yes, Emails Count Too! 

Any letters or emails sent or received by the scheme should be kept. 

Example: 

• Approvals for renovations 

• Quotes from tradespeople 

• Complaints or requests from owners 

Set up a dedicated email account (e.g., myscheme12345697@emailprovider.com) so everything is in one place. 

5. Contracts, Insurance and Warranties 

Even small schemes will end up signing agreements from time to time. 

What to keep: 

• Insurance policies and renewal notices 

• Service contracts (e.g., gardening, cleaning, fire safety checks) 

• Warranties and manuals for common property items (like gates or lifts) 

These documents are essential for future claims, repairs or handovers if a new committee takes over. 

How Long Do We Keep Records? 

Document Type 

Retention Period 

Financial records 

7 years 

Meeting minutes 

7 years 

Correspondence 

7 years 

Insurance policies 

Keep current + expired for 7 years 

Strata plan/by-laws 

Keep indefinitely 

(Timeframes are similar across Australia but check your state’s strata laws to be sure.) 

Why Proper Records Matter 

Avoid Disputes  

Clear records prevent arguments about decisions, payments, or approvals. 

Smooth Property Sales  

Buyers often request access to strata records. Having them in order avoids delays. Well organised records are often a great selling point for buyers 

Meet Legal Obligations  

Each state’s laws require schemes to maintain records. 

Tips for Small, Self-Managed Schemes 

• Use cloud storage (Google Drive, Dropbox) so all owners can access key documents. 

• Create a “Strata Records Folder” with clear sections for finances, meetings, and correspondence. 

• Set aside time each quarter to update and organise records don’t leave it to the end of the year. 

• Appoint one person as the “Records Keeper” to oversee organisation. 

Good records don’t have to be complicated, but they do need to be consistent. A little effort now will save big problems later. 

If you still want to manage your own scheme but without the hassle of record keeping and financial management, there are providers who can arrange this for you. 

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Disclaimer: 

This article is intended for general educational purposes only and does not constitute legal or financial advice. Readers should seek independent legal and professional guidance relevant to their specific circumstances and jurisdiction