Keeping accurate strata records is a key responsibility for any owners corporation. These records document everything from financial transactions and meeting decisions to by-laws and property details, helping ensure transparency and smooth day-to-day management.
In New South Wales, there are clear legal requirements around how long different types of strata records must be kept. Failing to follow these rules can lead to compliance issues, disputes, and unnecessary complications when information is needed.
In this guide, we’ll explain how long strata records should be kept, which records need to be stored permanently, and how to manage them properly to stay compliant and organised.
What Are Strata Records?
Strata records refer to all documents and information related to the management and operation of a strata scheme. These records are essential for keeping track of decisions, financial activity, and the overall condition of the property.
They are typically maintained by the owners corporation or a professional strata manager and must be available for inspection when required.
Common examples of strata records include:
- Financial records – budgets, invoices, receipts, and levy payments
- Meeting documents – agendas and minutes from general meetings and committee meetings
- Strata roll – details of lot owners, tenants, and contact information
- By-laws – the rules that govern the strata scheme
- Insurance documents – policies and claims history
- Contracts and agreements – service contracts, maintenance agreements, and supplier details
- Correspondence – emails, letters, and notices related to the scheme
These records provide a clear history of how the strata scheme is managed and are critical for transparency, compliance, and decision-making.
How Long Do You Need to Keep Strata Records in NSW?
In New South Wales, strata record keeping is governed by the Strata Schemes Management Act 2015. This legislation outlines how long different types of records must be kept by an owners corporation.
In general, strata records fall into three main categories based on how long they must be retained:
1. Most Records: At Least 7 Years
The majority of strata documents must be kept for a minimum of 7 years. This includes financial records, invoices, contracts, and insurance documents. These records are important for auditing, tax purposes, and resolving disputes.
2. Permanent Records
Some records must be kept indefinitely. These are considered essential to the history and legal structure of the strata scheme. Examples include meeting minutes, the strata roll, and registered by-laws.
3. Short-Term Records
Certain documents only need to be kept for a shorter period, usually around 1 year. These are typically administrative records such as ballot papers, proxies, and voting materials used during meetings.
Understanding these categories helps ensure your strata scheme stays compliant and avoids issues when records are needed in the future.
Records That Must Be Kept for At Least 7 Years
Most strata records fall under the 7-year retention rule. These documents are essential for tracking the financial health of the scheme, supporting audits, and providing a clear record in case of disputes.
Key records that must be kept for at least 7 years include:
- Financial statements and reports – annual financial reports, balance sheets, and income/expense records
- Invoices and receipts – proof of payments for maintenance, repairs, and services
- Levy records – contributions from lot owners, including payment history and arrears
- Bank statements – records of all transactions related to the strata scheme’s accounts
- Insurance documents – policies, renewals, and claims history
- Contracts and agreements – service contracts (cleaning, gardening, maintenance), supplier agreements, and warranties
- Tax-related documents – BAS, GST records, and any other tax filings
Keeping these records organised and accessible ensures that the owners corporation can respond quickly to financial queries, audits, or legal matters.
Failing to retain these documents for the required period can lead to compliance issues and make it difficult to resolve disputes or verify past decisions.
Records That Must Be Kept Permanently
Some strata records must be kept indefinitely because they form the legal and historical foundation of the strata scheme. These documents are essential for understanding how the building is managed, what decisions have been made, and who is involved in the scheme.
Records that must be kept permanently include:
- Strata roll – details of all lot owners, tenants, and contact information
- Meeting minutes – records of decisions made at general meetings and strata committee meetings
- By-laws – current and historical by-laws that govern the scheme
- Strata plans and amendments – official plans of the property and any registered changes
- Notices of meetings – formal notices issued for general and committee meetings
- Proxy forms (in some cases) – especially when they relate to significant decisions or ongoing matters
These records provide a complete history of the strata scheme and are often required when resolving disputes, selling a property, or reviewing past decisions.
Because of their importance, permanent records should be stored securely and backed up regularly, ideally in both digital and physical formats.
Records with Shorter Retention Periods
Not all strata records need to be kept long term. Some documents are only required for a shorter period, usually around 1 year, as they are mainly used for administrative or procedural purposes.
These records are typically related to voting and meeting processes, and once their purpose has been fulfilled, they are less likely to be needed in the future.
Examples include:
- Ballot papers – used for voting on motions during meetings
- Voting papers for elections – including committee elections or special resolutions
- Proxy forms – where owners appoint someone to vote on their behalf
- Certain meeting-related documents – temporary materials used during decision-making processes
While these records have a shorter retention period, they should still be stored properly during that time in case questions or disputes arise shortly after a meeting.
Once the required retention period has passed, these documents can be safely disposed of, provided there are no ongoing disputes or legal matters involving them.
Why Proper Record Keeping Matters
Proper record keeping is more than just a legal requirement. It plays a key role in how smoothly a strata scheme operates and how well it can handle issues when they arise.
Here’s why it matters:
- Legal compliance
Keeping records for the required timeframes ensures your owners corporation meets NSW legal obligations and avoids potential penalties. - Dispute resolution
Clear and complete records make it easier to resolve disputes between owners, tenants, or the strata committee. Whether it’s a financial issue or a by-law concern, having documented evidence is critical. - Transparency for owners
Owners have the right to access certain strata records. Well-maintained records help build trust and confidence in how the scheme is being managed. - Financial accountability
Accurate financial records ensure all income and expenses are tracked properly, making budgeting and reporting much more reliable. - Better decision-making
Access to past records allows the strata committee to make informed decisions based on historical data, previous repairs, and past resolutions.
Without proper record keeping, even small issues can become complicated and time-consuming to resolve.
Best Practices for Managing Strata Records
Keeping strata records is one thing. Managing them properly is what makes them truly useful. A well-organised system ensures records are easy to access, secure, and compliant with NSW requirements.
Here are some best practices to follow:
- Use digital storage where possible
Storing records digitally makes it easier to organise, search, and retrieve documents when needed. It also reduces the risk of physical damage or loss. - Maintain secure access
Sensitive information, such as owner details and financial records, should only be accessible to authorised individuals. Use secure systems with proper access controls. - Keep backups regularly
Always maintain backups of important records, ideally in a separate location or cloud storage. This protects your data in case of system failure or unexpected events. - Organise records clearly
Use a structured filing system, whether digital or physical. Group documents by type, year, or category to make retrieval quick and simple. - Stay consistent with updates
Records should be updated regularly, not left until the last minute. This ensures accuracy and avoids missing important information. - Work with a professional strata manager
A professional strata management company can help ensure records are properly maintained, compliant, and easy to access when needed.
Following these practices helps reduce risk, improve efficiency, and ensure your strata scheme runs smoothly.
Conclusion
Knowing how long to keep strata records is essential for staying compliant and running a well-managed strata scheme. In NSW, most records must be kept for at least 7 years, while key documents like meeting minutes, by-laws, and the strata roll should be kept permanently. Some short-term records, such as ballot papers and proxies, only need to be retained for a limited time.
By understanding these requirements and putting proper systems in place, owners corporations can avoid compliance issues, improve transparency, and make day-to-day management much easier.
If managing strata records feels overwhelming, working with a professional strata management team can help ensure everything is handled correctly, securely, and in line with current regulations.