Stepping into the role of a strata treasurer for a self-managed scheme in New South Wales can feel incredibly daunting. While professional strata managers often wrap this role in complex jargon, the day-to-day statutory requirements are straightforward when broken down into pure operations.
Under the Strata Schemes Management Act 2015 (NSW), the treasurer is primarily the custodian of the scheme’s financial transparency and statutory funds. You are not personally liable for the scheme’s debts, but you are accountable for keeping accurate records.
1. The Core Statutory Responsibilities
As the elected treasurer, your baseline operational duties include:
- Levy Management: Preparing and issuing levy notices to all lot owners in accordance with the allocations decided at the Annual General Meeting (AGM).
- Fund Separation: Ensuring the scheme maintains two entirely distinct bank accounts: the Administrative Fund (for day-to-day operational expenses like insurance and electricity) and the Capital Works Fund (for long-term maintenance and structural renewals).
- Record Keeping: Maintaining a clear, chronological receipt book and a banking ledger that documents every single dollar entering or leaving the scheme’s accounts.
2. Managing Financial Hardship (The October 2025 Reforms)
A critical operational reality for modern NSW treasurers is managing levy arrears under the updated compliance frameworks.
- You cannot simply block a lot owner or threaten immediate legal action if they flag genuine financial stress.
- The committee is required to review and consider standard-form 12-month levy payment plans before escalating any collection disputes to the NSW Civil and Administrative Tribunal (NCAT).
3. Common Practical Mistakes to Avoid
- Mixing the Funds: Moving money from the Capital Works Fund to cover an administrative shortfall without a formal general meeting resolution is a direct breach of statutory requirements.
- Informal Arrears Agreements: Never agree to a casual payment plan via text message or phone call. Every variation in levy collection must be formally logged against the specific Strata Plan records.