The University maintains a Fixed Asset Register in order to comply with external reporting requirements and to promote the efficient and effective use of University resources. The Fixed Asset Register records the cost, depreciation, transfer, disposal and location details of all accountable fixed assets used by the University.
The University is subject to Fringe Benefits Tax (FBT) legislation, as found in Fringe Benefits Tax Assessment Act 1986. FBT is a tax levied on the value of certain benefits, known as “fringe benefits”, provided by the University to employees. FBT is payable by the University not the employee.
Although the Goods and Services Tax (GST) legislation classifies education as GST-free, the University is not exempt from GST payment, collection or administration.
Cash receipting procedures are in place to ensure that all University monies are accurately collected, recorded and banked.
The University offers a variety of travel options. Finance provides the necessary coordination between University staff, University guests, approved students, and the University's contracted Agent, preferred suppliers and travel industry partners.
The University currently maintains a comprehensive general insurance program with Unimutual and Catholic Church Insurances Limited (CCI). The insurance program is renewable annually on 1 November. The Chief Financial Officer has overall responsibility for the University insurance program, while the Financial Accountant manages and coordinates all claims and general insurance inquiries.