To view or download this policy as a PDF click Finance and Administration Policies Documents

Purpose

This policy outlines the requirements for verifying and managing Council’s assets and portable and attractive items in accordance with documented audit requirements. It outlines the responsibilities of Council staff in relation to maintenance of the asset register and for the scanning, analysis and verification of assets and portable and attractive items.

Scope

This policy applies to employees, Councillors, contractors and consultants, unless otherwise exempted by legislation.

Definition and Terms

Asset: A single item with a GST exclusive cost of $5,000 or more and with a useful life of 12 months or more.

Portable & attractive item: A single item with a GST exclusive cost of less than $5,000 and are susceptible to theft or loss due to their portable nature and attractiveness for personal use or resale.

Legislation and Reference

NT Local Government Act 2019
NT Local Government Accounting Regulations 2021

Policy Statement

1. All purchases and disposals will be listed and recorded depending on their nature.
2. All assets with an acquisition cost of greater than $5,000 (GST exclusive) and an expected useful life of more than one year, must be recorded in the Fixed Asset Register.
3. Portable items having value of less than $5,000 (GST exclusive) and an expected useful life of more than one year, must be recorded in a Register of Attractive and Portable Items.
4. An annual stocktake will be carried out. Stocktakes will be undertaken in accordance with Australian Accounting Standards, the applicable procedures should be undertaken as close as practical to 30 June each year. Stocktakes may be performed on a cyclical basis by location. All items listed on the registers will be identified and condition assessed.
5. Items not previously identified are to be recorded and the register updated accordingly.
6. Assets unable to be identified are to be recorded, reasons for the absence of such assets noted and reported to the Director Corporate Services for presentation to the CEO and Council.
7. A responsible Council Officer will ensure the Fixed Asset Register and the Register of Attractive and Portable Items are appropriately maintained.
8. A responsible Council Officer will ensure a stocktake is undertaken annually of all items listed on the Fixed Asset Register and the Register of Portable and Attractive Items.
9. An officer assigned to perform a stocktake must not be directly responsible for the stewardship of fixed assets and attractive and portable items subject to review.

Review History