Record Management of a Body Corporate

 Record management for a body corporate is dictated by state strata legislation and federal legislation, such as taxation. There is variety of documents that need to be kept and each type of document needs to be kept for differing terms.

What Records Need to be Kept?

• Full details of unit owners
• Body corporate rules
• Meeting minutes
• Resolutions passed
• Results of ballots
• Proxies
• Voting papers
• Copies of  correspondence sent and received
• Budgets and other accounting or financial statements
• Tax returns (including any GST records)
• Insurance policies
• Maintenance plans/sinking funds (if applicable)
• Legal documents, such as notices or orders
• Signed contracts and agreements with suppliers
• Leases and licences

How Long do Records Need to be Kept?

In Queensland, most records need to be kept for a minimum of six years.