F 18

/

Asset Disposal

/
This form is to be used to facilitatethe disposal (i.e. sale, trade-in, or write-off) of Fixed Assets in the Themis Asset System.
For assets with an original cost of $10,000 (GST exclusive) and above, this form must be sent to the Fixed Asset Accountant, Finance & Planning Group. For assets with an original cost less than $10,000 (GST exclusive) the Department must update their Fixed Assets Register and retain the form for audit purposes.
Prior to completion please refer to the notes on the back of the form.
Refer to the Policy Library http://policy.unimelb.edu.au/ (Finance, UOM0145, Section 9.1).
Enquiries can be made to Fixed Asset Accountant: .

1. Contact person DETAILS

BudgetUnit Name / Budget Unit No
Family Name / Given Names
Phone (BH) / Email

2. description of item

Asset Register No / Vehicle Registration No
Asset Description
Asset Location / Year of Purchase
Serial or UOM Tag No / Original Cost / (GST exclusive)

3. disposal details

Type of Disposal (Pick one) / Select from listSaleTrade InWrite Off
Buyer’s Details / Date of Disposal
Sale Value $ / (GST exclusive) / Receipt/Invoice Details (for disposal)
For assets traded-in, Purchase Order No. (Replacement Item)
Themis Chart of Accounts String for Sale Proceeds / Co / Dept / Section / Natural / Project / Group / Activity / Loc
Reason for Write Off (Pick one) / Select from listNo longer requiredSurplus to current or foreseeable needsPart of an asset replacement programUnrepairableUneconomic to RepairObsoleteStolenLostOther
Specify if Other
Details of Disposal process (i.e.advertising, public auction, tender etc) for assets sold
Details of Disposal method (iedonated, destroyed, Green Office) for assets not sold (write offs)

4. APPROVALS

Prepared by(name) / Signature / Date
Authorised by(name)
(refer Note 3 below) / Signature / Date

FinancE & PLANNING use ONLY

Fixed Asset Accountant, Finance & Planning / Signature / Date
Notes on completing this Form
The purpose of this form is to provide comprehensive information about the asset being disposed, assisting in the accurate amendment of Themis.
Please read the following before completing this form.
  1. ‘DESCRIPTION OF ITEM’ – asset register number and full details of the items that have been disposed.
  2. ‘DISPOSAL DETAILS’ – a description of the type of disposal that has occurred. If it was ‘written off’, under what circumstances? Was it sold or traded in? If so, with whom did you deal with, what was the value and what are some of the details of the new asset? Details of the proceeds of sale and payment processing.
  3. ‘AUTHORISATION’ - This disposal form should be authorised in line with the University’s Financial Delegations policy (UOM0383, section 11). Assets with an original cost under $60,000 should be authorised by a Level 2 delegate, between $60,000 and $150,000 a Level 3 delegate and over $150,000 (either singularly or combined) by the Board or Survey.
/ Other Information
  1. Equipment Disposal policy (including sales to staff) refer to of the University Finance Physical Assets policy (UOM0145, Section 9).
  2. GST is applicable to the sale of assets by the University to external parties, including Auxiliary Operations and associated entities that operate their own accounting system and are separately registered for GST (i.e., have their own ABN). Transfers to other University departments are internal transactions and are therefore not subject to GST. (Please complete an F19 Asset Transfer Notification form instead).
  3. Information Services (IT User Services) can also help with the disposal of computer equipment. Refer / for more information.
  4. Sale proceeds for a major asset must be coded to natural account 1692 Proceeds of Sale Clearing Account. Sale proceeds for minor assets or attractive items must be coded to natural account 4192 Sale of Minor Assets.
  5. For assets $10,000 (GST exclusive) and over, send this form to the Fixed Asset Accountant. For items less than $10,000 (GST exclusive), retain this information in your Department and update your Fixed Assets Register.

F 18• Finance & Planning Group • Approved, Director of Finance [300909]Page 1 of 2