What scotlandx says is correct.
Strata Schemes do not have to ”register with ASIC” – not sure what as?
The suggestion by VicRes that all the Strata monies be paid into his personal bank account would amount to a perception of fraud.
Open one bank account in the name of the Owners Corporation. 2 signatories on all cheques. Arrange for all owners to pay levies direct to the account. 2 persons to be given electronic access to the account for paying all expenses electronically.
This seems to be a case where some professional advice should be obtained.