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    Write-Off Procedures: Financial Management Act 2006

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    n0tab0utm3
    This document outlines write-off procedures for assets, general debts, student debts, and debts over $100,000 at a university. The Chief Financial Officer must approve that all collection avenues have been explored before an item can be written off. Requests for write-offs are submitted to successive levels of approval including the Director of Finance, Audit Committee, Council, and if over $100,000, the Minister of Education. The GST portion of written-off debts can be recovered from the Taxation Office.

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    Write-Off Procedures: Financial Management Act 2006

    Uploaded by

    n0tab0utm3
    25 views3 pages
    This document outlines write-off procedures for assets, general debts, student debts, and debts over $100,000 at a university. The Chief Financial Officer must approve that all collection avenues have been explored before an item can be written off. Requests for write-offs are submitted to successive levels of approval including the Director of Finance, Audit Committee, Council, and if over $100,000, the Minister of Education. The GST portion of written-off debts can be recovered from the Taxation Office.

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    Write Off Procedures

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    This document outlines write-off procedures for assets, general debts, student debts, and debts over $100,000 at a university. The Chief Financial Officer must approve that all collection avenues have been explored before an item can be written off. Requests for write-offs are submitted to successive levels of approval including the Director of Finance, Audit Committee, Council, and if over $100,000, the Minister of Education. The GST portion of written-off debts can be recovered from the Taxation Office.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    25 views3 pages

    Write-Off Procedures: Financial Management Act 2006

    Uploaded by

    n0tab0utm3
    This document outlines write-off procedures for assets, general debts, student debts, and debts over $100,000 at a university. The Chief Financial Officer must approve that all collection avenues have been explored before an item can be written off. Requests for write-offs are submitted to successive levels of approval including the Director of Finance, Audit Committee, Council, and if over $100,000, the Minister of Education. The GST portion of written-off debts can be recovered from the Taxation Office.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Write-Off Procedures

    1. STRATEGIC PLAN THEME AND COMPLIANCE OBLIGATION SUPPORTED


    Strategic Plan Theme: People and Culture
    Financial Management Act 2006 (WA)

    2. PROCEDURAL DETAILS
    2.1 General
    The Chief Financial Officer must be satisfied that all practicable and economical avenues for
    collection of the debt or location of the missing or lost asset have been fully explored prior to
    recommending a write-off to the relevant authority.
    2.2 Assets
    The procedure for reporting lost, misplaced or stolen assets is outlined in the Assets
    Procedures. The Asset Coordinator, Financial Services will submit the request to write-off lost
    or stolen assets to the Director Finance and Disruption.
    2.3 General debtors
    The Senior Finance Officer, Accounts Receivable, Financial Services will assess the need for
    any general debtor write-offs at the end of each six months (June and December) as
    appropriate. Requests for write-off of general debts (together with justifications) will be submitted
    to the Director Finance and Disruption.
    2.4 Student debtors
    2.4.1 Requests for write-off of student debts (together with justifications) will be submitted to
    the Director Finance and Disruption.
    2.4.2 The Deputy Vice-Chancellor Academic must be satisfied that all practicable and
    economical avenues for collection of student debts have been fully explored before the
    debt is recommended for write-off.
    2.5 Approval of all write-offs
    2.5.1 The Director, Finance and Disruption will submit all write-offs to the Chief Financial
    Officer.
    2.5.2 The Chief Financial Officer will recommend all amounts to be written off to the Vice-
    Chancellor.
    2.5.3 Endorsement will then be sought from the Audit, Risk and Compliance Committee
    before approval is requested from Council.
    2.5.4 The following details will be provided:

    Asset General debtor Student debtor

    • Asset details • Debtor name & • Student ID & name


    account number
    • Invoice date • Fee year
    • Invoice date
    • Net book value (cost less • Amount
    accumulated • Amount
    depreciation) • Reason debt is
    • Reason debt is uncollectible
    • Reason for write-off uncollectible

    G50-746-34 1
    October 2021(admin)
    2.6 Approval of write-offs over $100,000
    2.6.1 Where an individual debt or asset to be written-off is more than $100,000, the University
    Council's approval is required to refer the write-off to the Minister for Education with
    relevant justification for approval. The Chief Financial Officer will ensure that the
    appropriate procedures in the Financial Management Act 2006 (WA) and Treasurer's
    Instruction 803 are followed.
    2.6.2 Written evidence of the Minister’s approval must be retained to meet audit requirements
    for proper record keeping.
    2.7 Goods and Services Tax (GST) component
    When bad debts are written-off, the Director Finance and Disruption will provide the write-off
    lists to the Accountant, Taxation. The Accountant, Taxation, will ensure any GST component
    of the amount written-off is recovered from the Australian Taxation Office as appropriate.

    3. RESPONSIBILITIES
    Responsibilities are those as set out in Section 2.

    4. SCOPE OF PROCEDURES
    This policy applies to University staff and Associates who are involved with the accounting for assets
    (including general and student debtors).

    5. DEFINITIONS
    (Note: Commonly defined terms are located in the Curtin Common Definitions. Any defined terms
    below are specific to this document)
    Nil

    6. SCHEDULES
    Nil

    7. RELATED DOCUMENTS/LINKS/FORMS
    Assets Procedures
    Financial Management Act 2006 (WA)
    Treasurer’s Instruction 803

    Philip Thomas, Director of Finance & Disruption,


    Policy Compliance Officer Financial and Commercial Services

    Policy Manager Chief Financial Officer

    Approval Authority Chief Financial Officer

    Review Date 1st April 2024

    REVISION HISTORY
    Approved/ Approval /
    Committee / Board /
    Amended/ Resolution Key Changes and Notes
    Version Date Executive Manager
    Rescinded Number

    A66 Approved 30/10/1996 Council C 226/96 RSC 56/96

    Amended 05/12/2000 University Resources Board URB 95/00 URB 74/00

    Planning and Management


    Approved 21/11/2006 PMC 92/06 (i) Document No 01318/06
    Committee

    G50-746-34 2
    October 2021(admin)
    Planning and Management
    Approved 20/02/2007 PMC 5/07 (v) Document No 00140/07
    Committee

    Approved 09/05/2007 Council C 58/07 Document No 00390/07

    Administratively Director, Legal and Reformatted and Amended to


    20/03/2008
    Updated Compliance Services Reflect Organisational Chart
    Planning and Management Attachment 1 to Document No
    Amended 25/08/2009 PMC 95/09
    Committee 01259/09
    Unconditional (Approved and
    Amended as per new Policy
    Approved 22/10/2012 Chief Financial Officer EM 1233 Framework - Previously titled
    Write-Offs Policy and
    Procedures)
    Title change from Deputy Vice-
    Administratively Director, Legal and Chancellor, Academic to
    04/03/2014
    Updated Compliance Services Provost and Senior Deputy
    Vice-Chancellor
    Administratively Director, Legal and Executive Manager Title
    06/10/2015 EC 76/15
    Updated Compliance Services Changes

    Amended 20/10/2016 Chief Financial Officer EM1636 Unconditional

    Administratively Director, Legal and


    18/01/2017 Amended date updated
    Updated Compliance Services

    Approved 13/11/2018 Chief Financial Officer EM1823 Unconditional

    Approved 07/10/2020 Chief Financial Officer EM2047

    G50-746-34 3
    October 2021(admin)

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