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6. Depreciation of Assets

For financial reporting purposes, University capital assets are subject to depreciation each year until they no longer have any value.

The rate of depreciation is applied in accordance with the Australian Accounting Standard. Depreciation is calculated automatically by the Asset Management section based on the purchase price of the item. (This is called the Straight-Line Method).

Where an Asset is subject to partial or progress payments Depreciation will not commence until the payment cycle is complete and the Asset fully paid.

annual rates of depreciation

Item Annual rate
Land - (not depreciated) 0%
Works of art - (not depreciated) 0%
Special library collections - (not depreciated) 0%
Sculpture- (not depreciated) 0%
Museum collections- (not depreciated) 0%
Buildings (based on remaining useful life) 1.67 - 50%
Infrastructure (based on remaining useful life) 5 - 20%
Intangibles 5%
Plant and equipment (including furniture, scientific and office equipment, and usually plant, whether integral to a building or not) 10%
Motor vehicles 15%
Library and teaching collections 20%
Computing equipment 30%
Medical equipment over $200,000 10%
Medical equipment under $200,000 20%
Short Term IT Assets (Ancillary Systems) 10%
Long Term IT Assets (Core Systems) 5%

Assets remain in the Asset Management system even when their written-down value is zero, until disposed..

Reporting of Depreciation

Depreciation entries are generated for posting to the general ledger, under the Finance One Fixed Asset Module. This is carried out on a monthly basis

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