Essentially yes. Strata is the same as body corporate. In NSW, the owners of lots within a strata scheme used to be collectively known as the body corporate. The name was changed from body corporate to what it’s now known as, which is owners corporation. Today, while the official name is owners corporation, you may still hear people say body corporate because they’re so used to the phrase. The owners corporation is responsible for running the strata scheme. At the annual general meeting, the owners corporation elect the Strata Committee.
More of your strata questions answered on our FAQ page.