Body Corporate Bank Accounts

Under Section 120 of the Unit Titles Act 2010, the body corporate must establish, in accordance with any regulations, either have a separate bank account for each of the funds; or a single bank account in which the respective funds are kept entirely separate and are able to be identified.

This makes any financial or audit review significantly easier to complete. In addition, body corporate owners will have greater confidence in your management ability.

Does your body corporate operate with correct bank accounts?