148. Operation of Accounts

Abode Strata operate a separate ADI trust account for each Strata Company we look after [(1) (a) below]. This account is opened in the name of the scheme, and all owners have a payment reference number unique to their lot. This identifies their contribution and auto-updates their ledger in our software. The levy positions are also available to view via each owner's portal access. 

Now for the legal stuff relating to the operation of strata accounts. 

148. Operation of accounts

(1)         A strata manager (other than a volunteer strata manager) must pay all money received on behalf of a strata company into 1 of the following accounts —

            (a)         a separate ADI trust account for the strata company;

            (b)         a pooled ADI trust account solely for the strata companies for which the person is a strata manager;

            (c)         if the strata company has its own ADI account and has authorised the strata manager to use the account, that account.

(2)         If a strata company has a volunteer strata manager, the strata company must have an ADI account and the volunteer strata manager must pay all money received on behalf of a strata company into an ADI account of the strata company.

(3)         A strata manager must be able to account separately for money that the strata manager is paid or receives on behalf of a strata company.

(4)         A strata manager may pay out of an account mentioned in subsection (1) an amount that is payable by the strata company on whose behalf money is received.

(5)         Money paid into a trust account is not available for the payment of the debt of any creditor of the strata manager and cannot be attached or taken in execution under an order or process of any court at the instance of a creditor of the strata manager.

(6)         The regulations may provide for other matters relating to the operation of trust accounts by strata managers.