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?
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
- 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
- Information technology (eg computers, printers, fax machines etc)
- Plant and equipment (eg furniture, photocopiers, scientific equipment such as microscopes, etc)
- Motor vehicles
- Real estate and investments
- Library materials
- University museum collections and art collections
- Leased equipment
- Asset Disposal Procedures in the Finance and Accounting Manual
- Part 5.9 of the Delegations of Authority - Administrative Functions
- 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
- 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
- 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)