Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 13 JULY 2022

Mandatory audit requirements for owners corporations (OCs) in the ACT

Cathro & Partners
Explore more from Cathro & Partners

If an OC fails to comply with requirements, each executive member of the OC at the time of the failure commits an offence.

AustraliaReal Estate and Construction
Navin Lal
Navin Lal
Author LinkedIn connections

In the Australian Capital Territory ("ACT"), the executive committee for an Owners Corporations ("OC") is required to have the OC's annual financial statements audited and tabled at its annual general meeting.

The unit's plan in the Australian Capital Territory is managed by the Unit Titles (Management) Act 2011 (the Act") and the OC is responsible for managing it.

It is quite common that an OC enters into a management agreement with a Strata Manager to perform several functions on behalf of the OC including maintaining an account of all receipts and payments, coordinating works in relation to maintenance of the common property and liaising with the executive committee on a regular basis to ensure the smooth operation of the OC.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Personal Guarantees In Commercial Leases: Risks For Directors

Directors who sign retail leases on behalf of company tenants often provide personal guarantees without fully understanding the scope of their liability. This liability can extend far beyond unpaid rent to include outgoings, interest, make-good costs, and enforcement expenses, persisting even after resignation or business sale. Understanding the distinction between guarantees and indemnities, and knowing when statutory protections may apply, is essential for directors seeking to limit their personal exposur
AustraliaReal Estate and Construction
Stonegate Legal
Stonegate Legal
Article

Project Distress In Queensland: Lessons From The Bathla Collapse

The collapse of the Bathla Group has sent ripples through Australia's construction sector, raising critical questions about financial distress management in major projects. With Queensland delivering an unprecedented infrastructure pipeline amid margin pressures and market uncertainty, are project participants adequately prepared to identify and respond to insolvency warning signs before external administrators arrive?
AustraliaReal Estate and Construction
Holding Redlich
Holding Redlich
Article

Construction Law in Queensland: Complete Guide

Construction law in Queensland establishes a comprehensive framework governing building contracts, payment rights, dispute resolution, and remedies. The legislation creates rapid adjudication mechanisms and strict compliance requirements that can determine the outcome of disputes within days. Understanding how statutory rules interact with contractual terms is essential for protecting rights and avoiding costly procedural mistakes.
AustraliaReal Estate and Construction
Stonegate Legal
Stonegate Legal
Article

Data Centre Approvals: Community Engagement And Social Licence Are Essential

The development assessment process for data centres in Australia has become a critical battleground for social licence, where community concerns about energy consumption, water usage, noise pollution, and local impact must be addressed with evidence rather than assurances. As jurisdictions across Australia move to establish enforceable regulatory frameworks, developers face an evolving landscape where early investment in genuine community engagement and rigorous impact assessment determines whether projects
AustraliaReal Estate and Construction
Corrs Chambers Westgarth
Corrs Chambers Westgarth