Structured Strata Financial Management
ASSM’s structured and transparent strata financial management is the cornerstone of our clients’ welfare. Our financial management systems employ technology and expertise, ensuring the highest level of integrity.
Levy collection and financial management
The financial integrity of the strata scheme is critical to its viability and to ensuring it successfully executes all responsibilities under the Strata Scheme Management Act – 2015. At ASSM, our administration and financial governance practices are the most transparent and robust in the industry. Our team issues all levy notices and collects all levies on behalf of the strata. We recover delinquent or overdue levy payments and maintain documented levy collection accounts within the strata’s own trust accounts.
Expenses and outgoings
Our team distributes payments to contractors, insurances and other necessary outgoings that form part of the strata scheme. By maintaining the strata scheme trust account, our financial team employs lean processes, so they keep expenses to a minimum and make payments in a timely manner to ensure the reputational value of the strata scheme remains highly rated.
Budget preparation and tax returns
ASSM’s highly skilled team prepare draft annual budgets and forecasts on behalf of the owners corporation for presentation at the annual general meeting.
Budget preparation includes capital works fund forecasts, as well as guidance on the management of any surplus funds held by the strata scheme, including investments where appropriate.
Our team also maintains accurate financial records and prepares the supporting documentation required by the scheme’s appointed accountant for the preparation and lodgement of BAS statements and annual tax returns, working closely with the treasurer and cooperating with any appointed auditors to ensure financial information is complete, transparent, and readily available.
Complete financial management
For our clients across our community, residential, industrial and commercial strata schemes, we provide a complete suite of financial management structures and procedures for all forms of strata management schemes. Tailored to your needs, our financial systems cover:
- Financial administration, budgets and accounting procedures
- Preparation of financial reports for AGMs and monthly online reports
- The issue of all financial reports required under the act
- Levy notices, collection and recovery
- Annual tax returns and quarterly BAS
- Attendance to all strata payments and financial obligations
- Investment planning
- Forecasting, auditing and treasury services when required.
Our years of successful management ensure your strata’s finances are in the very best hands.
Let us help you
Our strata management services are the most professional and comprehensive available in NSW. We offer our services throughout New South Wales with mobile and experienced strata managers who know the industry inside out.
Contact us today for a no-obligation discussion. You’ll notice the difference from the very first call.
We provide Australia’s most professional and comprehensive strata management services across Greater Sydney and other parts of NSW. Our expertise spans residential, community, commercial and industrial strata schemes. It’s easy to switch to All Suburbs Strata Management. See the extensive range of suburbs our certified strata managers oversee below.
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FAQs
What is strata financial management?
Strata financial management is the process of planning, organising and overseeing the collective finances of a strata scheme — including budgeting, levy collection, fund allocation and reporting — to ensure the property’s financial health and compliance.
How are strata budgets prepared?
A strata budget is usually drafted by the strata manager or treasurer, reviewed by the strata committee and then approved by owners at an annual general meeting. It details expected income and planned expenses for the year ahead.
What happens if levies aren’t paid on time?
If levies are unpaid, the owners corporation may charge interest, issue notices or pursue recovery actions. Consistent non-payment can affect budgeting and may require legal steps depending on local strata rules and legislation.
What are strata levies and what do they cover?
Strata levies are regular contributions paid by owners that fund day-to-day expenses (like maintenance, insurance and utilities) and long-term projects. Levies are typically split into an administrative fund and a capital (sinking) or works fund for major repairs.
What is a sinking fund or capital works fund?
A sinking fund (also called a capital works fund) is a reserve set aside from levies to pay for large or future repair and replacement projects, such as roof work or painting, so the scheme doesn’t rely only on annual levies.
How can owners review and understand strata financial reports?
Owners usually have a right to inspect financial statements, which show income, expenses and fund balances. Reviewing these helps owners understand how money is managed, compare actual spending to budget and make informed decisions at meetings.