What is an asset?

An asset is an item that can be used by the University for more than 12 months. An asset can be a physical item (eg equipment), or it can be intangible (eg software). Consumable items such as paper are not considered assets, as they are used/consumed throughout the year.

Assets include items in the following categories:

• Information technology (eg software, desktop and portable computers, printers, fax machines etc)
• Plant and equipment (eg furniture, scientific apparatus such as microscopes and spectrometers, agricultural and garden equipment, sporting and recreation equipment etc)

Other categories of assets which are maintained centrally are:

• Land
• Buildings and infrastructure
• Farming
• Heritage assets
• Motor vehicles

Assets valued at $10,000 and over (excluding GST) are recorded in the PeopleSoft Asset Management System in the Capitalised Book. Those items are verified during the annual stocktake.

EXPAS Equipment with a cost of between $1,000 and $9,999 (excluding GST) are recorded in the PeopleSoft Asset Management System in the Expensed Book. Computer equipment costing less than $1,000 is also recorded in the PeopleSoft Asset Management System in the Expensed Book. Stocktakes are not undertaken to verify the existance of EXPAS Equipment.