When setting up a bank account for a Strata Plan, I faced confusion about the Strata Plan Number versus an incorporation number. Many financial institutions don’t understand that for a Body Corporate, the Strata Plan Number serves as the official identifier. This post explains this important distinction to help other strata owners avoid similar banking headaches.
Understanding the Strata Plan Number as Your Legal Identifier
When a Strata Titles Scheme is registered, the Body Corporate automatically becomes incorporated under strata legislation. However, unlike companies that receive an ACN or ABN, a Body Corporate is identified by its Strata Plan Number.
This key difference often creates confusion when dealing with organizations unfamiliar with strata law. Banks frequently request an “incorporation number” because their systems are designed for traditional businesses.
Banking Challenges for Strata Plan Committees
In my recent experience with a Big 4 Bank, the staff insisted on an incorporation number for the Body Corporate account. I had to explain that in strata law, the Strata Plan Number serves this purpose.
You may need to ask for a manager or specialist who understands strata banking requirements. Referencing relevant sections of your state’s strata legislation can also help clarify the legal status of the Strata Plan Number.
Legal Framework for Strata Plan Incorporation
Each Australian state has legislation that automatically incorporates a Body Corporate upon registration of a Strata Plan. For example, in NSW, the Strata Schemes Management Act 2015 establishes this legal framework.
Similarly, Queensland’s Body Corporate and Community Management Act 1997 confirms that the Body Corporate comes into existence upon registration of the scheme, with the Strata Plan Number as its identifier.
Practical Tips for Strata Plan Banking
If you’re a committee member responsible for strata finances:
- Call ahead to confirm the bank understands strata entities
- Bring a copy of relevant strata legislation
- Ask to speak with business banking specialists
- Explain that the Strata Plan Number is your legal identifier
- Consider banks with dedicated strata banking services
Some financial institutions now offer specialized strata banking packages that demonstrate better understanding of these unique legal entities.
Conclusion: Navigating Strata Plan Administration
Understanding that your Strata Plan Number serves as your incorporation identifier is essential knowledge for anyone managing Body Corporate affairs. While this distinction may seem technical, it can save significant time and frustration when dealing with financial institutions and other organizations.
Have you encountered similar challenges with your Strata Plan administration? Share your experiences in the comments below.