Strata Corporations Urged to File Annual Returns

Director of the Commission of Strata Corporations (CSC), Tricia Harris says proprietors of strata corporations are still able file their annual returns with the Commission.

Ms. Harris explained that while fees are due and payable on April 1 each year, corporations have up to 120 days from March 31, to file their returns.

“This is really a provision in law that permits them to have their books examined and audited, and reports signed off on in order for them to satisfy the requirement to file,” she told JIS News.

Ms. Harris noted that the filing of annual returns is necessary to ensure that strata corporations meet their statutory obligations in accordance with the Registration (Strata Titles) (Amendment) Act.

It also compels corporations to keep proper books of accounts, as well as implement and adhere to certain policies and procedures.

Filing of annual returns also guarantees the CSC’s assistance to the corporations, in terms of strata operations.

“It is a means of protection to the individual purchasers. The filing is important because it gives us an opportunity to review the affairs of a strata, to ensure that the executive committee is complying with the requirements of the law, and that proprietors are not being disadvantage,” Ms. Harris said.

The Director however stated that there is a worrying trend of non-compliance in the annual filing, noting that the compliance rate among corporations is 25 per cent.