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(1) This document outlines the procedures to manage the transfer of in-specie non-monetary financial (2) The (3) This procedure applies to in-specie transfers of non-monetary financial (4) This procedure does not apply to the donation of non-financial (5) Donations are accepted in line with the Donation Acceptance and Management Policy and Donation Acceptance and Management Procedure which should be read in conjunction with these documents. (6) In the context of this document: (7) Donations to the (8) As the (9) An independent taxation valuation of the (10) The (11) GST will not apply to the receipt of in-specie transfers to the extent that it does not constitute a taxable supply. (12) A taxable supply may occur where an exchange of goods, services and/or property has occurred. A donation component will arise when the value of the items differ. (13) Financial Services will provide guidance on the treatment for GST purposes as part of the accounting valuation process. (14) Acceptance of in-specie transfers must be undertaken in accordance with the (15) The availability of a market to trade the (16) When a delegated officer determines that an in-specie donation will be accepted, in accordance with the Donation Acceptance and Management Policy, its associated procedure and this procedure, they must inform Financial Services and the OAP of the acceptance, and provide information as to the (17) The acceptance of an in-specie transfer must be notified to OAP and Financial Services by the delegated officer who has accepted it. Financial Services will ensure the details of the transfer are recorded centrally for donor recognition (where consented to) and financial reporting purposes. (18) To enable the transfer and divestment of non-monetary financial assets, Financial Services will maintain a brokerage account through the (19) Financial Services will provide brokerage information, where required, to enable the donor or trustee to perform the transfer. (20) Upon receipt of the transfer, Financial Services will inform OAP and initiate the process of divesting the (21) Financial Services are responsible for the financial management of donations to the (22) (23) Trades will be initiated by Financial Accounting with oversight by the Associate Director, Corporate Accounting and Treasury. Approval and confirmation of all (24) Where (25) Once divested, Financial Services will account for the disposal and transfer of the proceeds into the nominated supporter cost collector. Any gain or loss realised from the original valuation of the (26) Proceeds will be invested in line with the Donation Acceptance and Management Procedure and donor intent. (27) Financial Services will confirm the total proceeds value to OAP. Subsequent reporting of the funds will occur in line with standard supporter funds reporting processes. (28) The (29) In-specie transfers will be recorded in supporter cost collectors by Financial Services. In accordance with the Australian Accounting Standards, where the current value of the in-specie transfer is determined to be nil at the time of acceptance, Financial Services may record a nil entry in the finance system in order to record that the transfer was received. (30) Any in-specie transfer received by the (31) Depreciation (if applicable) will be coded against the same cost collector used to record the initial donation. (32) In accordance with Australian Accounting Standards, all donations are recorded in the (33) All (34) Where the (35) Where the (36) For Financial Services to assess the value of the donation for accounting purposes, the Donated Assets (in-specie) Transfer Procedure
Section 1 - Purpose
Section 2 - Scope
Section 3 - Definitions
Top of PageSection 4 - Taxation
Section 5 - GST
Section 6 - Acceptance
Section 7 - Transfer and Divestment
Section 8 - Management
Section 9 - Accounting for In-specie Donations