Frequently Asked Questions

What is the first step in the disposal of an asset?
What approval do I need to dispose of an asset?
What items are covered?
What items are not covered?
What guidelines do I need to follow?
What documentation do I need to keep?
What rules are there?
What are the Account Classes to be used for payment received?


What is the first step in the disposal of an asset?

First, identify reasons for the disposal. These may include:

  • No longer required
  • Surplus to needs
  • Part of an asset replacement program
  • Unserviceable or beyond economic repair
  • Technologically obsolete and operationally inefficient

What approval do I need to dispose of an asset?

  • Approval from the head of school/administrative unit for all asset disposals
  • Approval from a delegated officer (under part 5.9 of the Delegations of Authority - Administrative Functions) for disposal of items valued at more than $10,000

What items are covered?

  • Information technology (eg computers, printers, fax machines etc)
  • Plant and equipment (eg furniture, photocopiers, scientific equipment such as microscopes, etc)

What items are not covered?

  • Motor vehicles
  • Real estate and investments
  • Patents
  • Library materials
  • University museum collections and art collections
  • Leased equipment

What guidelines do I need to follow?

  • Asset Disposal Procedures in the Finance and Accounting Manual
  • Part 5.9 of the Delegations of Authority - Administrative Functions

What documentation do I need to keep?

  • Asset Disposal form with the necessary authorisations to be kept for seven years.
  • Asset Disposal Terms and Conditions of Sale form signed by the buyer
  • All bids received

What rules are there?

  • External sales must include 10% GST
  • The buyer cannot be the contact person or authorising officer in the selling department/unit
  • Priority is given to internal applicants (other University departments/units)
  • Items cannot be donated to staff or students
  • Items are available to Australian buyers only

What are the Account Classes to be used for payment received?

  • External sales where the original purchase price was under $10000 (excluding GST):
    Class 3401 Sale of Expensed Assets
  • External sales where the original purchase price was $10000 or above (excluding GST):
    Class 3800 Sale of Capital Assets
  • Internal sales to another department/unit of the University:
    Class 3319 Internal Income General (Note: The matching internal expense class to be used is 6751)