Form 08-F17
ASSET PURCHASE AND DISPOSAL PROCEEDURES
Plant and Equipment
Purchasing & Recording New Assets
All new purchases of Sydney Uni Sport & Fitness Asset items, must follow standard purchasing and
delegated authority procedures.
All items with a net GST cost of < $2,000 are expense fully (100%) in the year they are purchased.
All items with a net GST cost > $2,000 are depreciated over the effective life of the asset as per the
University of Sydney’s depreciation schedule in the Finance and Accounting Manual.
For all purchases of Asset items, first preference must be shown to Sydney Uni Sport & Fitness’s and
the University of Sydney’s preferred suppliers, only when it can be demonstrated that any of the
above cannot supply the item at a competitive price, can an outside supplier be sourced. For
purchases of all Assets and Equipment, once satisfied with price and quality, the order can only be
placed by forwarding to the supplier a Sydney Uni Sport & Fitness Purchase Order obtained from the
Finance & Administration department.
The below table sets out the purchasing requirements.
< $2,000
- at least 1 x quote
> $2,000 < $25,000
- at least 2 x quotes
> $25,000 < $100,000
- at least 3 x quotes
> $100,000
- Tender process
The Asset and Equipment form must be completed once the item is purchased, delivered and
received to its location at Sydney Uni Sport & Fitness. The completed Asset & Equipment form,
signed and approved Supplier Invoice, Delivery Document, along with a copy of the Purchase Order
should be forwarded to the Finance & Administration office. Once received, the details will be
entered into the Triumph Asset Register. The Finance & Administration staff then issues an Asset Tag
to be attached to the item.
Disposal of Assets
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Form 08-F17
Once an item of Plant and Equipment i.e. Asset has been determined that it should be disposed of
by a department Supervisor or Manager, the individual should request a copy of the Asset &
Equipment form to complete the bottom (Disposal) section.
The Selling Price must be estimated at market value, based on sales history of previous items in the
general community. This is best determined by obtaining a quote on the item new, researching the
item second hand and establishing the Written Down Value in the Sydney Uni Sport Asset
Depreciation Schedule. Once a price has been set, this must be approved by the Finance &
Administration Manager or the Assistant Accountant.
Items are to be advertised in the general community.
For items < $5,000 they are advertised on the USYD Asset Disposal website.
http://fmweb01.ucc.usyd.edu.au/finance/asset/
For items > $5,000 they are to be sent to Government Auction.
When the sale a transaction occurs, it is to be recorded on the Manual Receipt, copied 2 x, original
retained by the buyer and the 2 x copies are to sent to the Finance & Administration office with the
tender amount.
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ASSET AND EQUIPMENT FORM
(TO BE FILLED OUT WHEN PURCHASING NEW EQUIPMENT OR DISPOSING OF EQUIPMENT)
NEW EQUIPMENT PURCHASES
Type of Equipment: ___________________________________________________________________________
Make: _______________________________
Model: ______________________________________________
Colour: _______________ Serial Number: ____________________________ Date of purchase: __________
Department / Area: __________________________
Staff Responsible: _____________________________
Building / Location where equipment will be placed: ______________________________________________
Supplier Name: __________________________________________________ Attaché Code: ______________
GST Exclusive
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GST
Total Price
Form 08-F17
Purchase price:
$ _________________
$ __________________
$ ___________________________
Any attachments or associations: _______________________________________________________________
Is there a maintenance agreement or warranty? __________________________________________________
Prepared by: ________________________________
Signature: _________________________________
Accounts use only:
Capitalised / Depreciated
Effective Life:______________
Asset Number: __________________
GL Exp / Asset Acc: _________________
Barcode Number: __________________
Invoice received: Y/N
Journal / Date posted to Triumph Register: ______________________________________________________
DISPOSAL OF EQUIPMENT
Item was:
Sold / Lost / Stolen / Damaged
Will this item be
replaced? Y / N
Department / Area / Location: _________________________________________________________________
Description of Equipment: _______________________________________Condition: ___________________
Make / Model / Colour: _______________________________________________________________________
Serial Number: _____________________________ Asset Register Number: ___________________________
Disposal Date: ____________ Method: ________________ Receipt / Cust Inv No: ____________________
Sale price (if applicable) excl GST: ________________ GST: ______________ Total: _____________________
Prepared by: __________________________ Phone: ______________ Signature: _______________________
Authorised by:________________________ Date: _______________ Signature: _______________________
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