| |
(m) |
Grants
and Bequest Funds |
| |
|
Grants
and bequests received by the University are used to fund research
activities, scholarships, prizes and lectures. Whilst these funds
are included in the ‘University’ column as the University has direct
control over such funds, the grant and bequest funds are considered
restricted assets as disclosed in the Notes to Financial Statements. |
| |
(n) |
Provision
for Workers’ Compensation Insurance |
| |
|
Provision
is made for the workers’ compensation insurance premium payable adjusted
for actual claims submitted by the University. The provision is estimated
having regard to the premium and claim activity over the last three years. |
| |
(o) |
Insurance |
| |
|
The
University has taken out appropriate cover through an appointed insurance
broker for all relevant risks except for minor claims. |
| |
(p) |
General
Service Fees |
| |
|
The
University collects fees from students to support the provision of
amenities and services not of an academic nature for students. |
| |
(q) |
Income
Tax |
| |
|
The
University is exempt from income tax. |
| |
|
The
proposed amendments to the franking credit rebate enabling “Charities”
to claim direct cash refunds for franking credits may give rise to a
current asset to the University. Currently this benefit is not recognised
due to the uncertainty as to whether this benefit will arise. |
| |
(r) |
Goods
and Services Tax (GST) |
| |
|
The
University including Currie Hall and Perth International Arts Festival is
a registered entity for the purposes of the Goods and Services Tax (ABN 37
882 817 280). Notwithstanding several issues pending further clarification
by the Australian Taxation Office, the University considers its operations
to be fully compliant with the requirements of the GST. |
| |
(s) |
Fringe
Benefits Tax |
| |
|
The
University is liable to pay fringe benefits tax and is included in various
cost groups. |
| |
(t) |
Financial
Disclosures |
| |
|
Due
to the implementation of a new financial information management system
(PeopleSoft Financials) during 1999 and the introduction of new financial
reporting formats by DETYA in 2000, the ongoing review of the
classification and activity groupings of all transactions commenced in
1999 was continued. |
| |
|
The
1999 comparative figures have been amended for any material changes in
classifications and presentation structure. |
| |
(u) |
Income
in Advance |
| |
|
The
operating grant received in December 2000 in relation to the first
instalment of 2001 has been brought to account as income in advance and
consequently will be recognised as income in 2001. This is consistent with
treatment in previous years. This approach has been adopted as the
operating grant is considered a reciprocal transfer for the purposes of
the Australian Accounting Standard 15 and Statement of Accounting Concept
4. |
| |
(v) |
Abnormal
Items |
| |
|
No
items are considered abnormal for the financial year ended 31 December
2000. |
