@mypersonalpa said:
We gave her the Strata Plan Number and Address; the ABN and our Strata Roll. She is going to find out next week what else is needed, but in the meantime, trusting the Flat Chat Forum – could you please help with this? What else does the bank need? And, as a two lot plan, do we need separate accounts for Sinking and Admin, or one account but separate book-keeping?
thanks in advance,
Leanne
mypersonalpa, as for what the bank needs I can’t help you. What they need now is a lot different the rules are a lot tighter. However I am sure if this bank doesn’t help another might. The banks are, to a degree, protecting themselves.
You don’t need separate Accounts for Sinking and Admin. So separate book keeping is fine. What the law requires is that the Sinking and Admin monies be “Accounted for separately”. We have one account with $11,000 we know by keeping track of levys and payments that $6,000 is Sinking fund and $5,000 is Admin.