Commonwealth legislation

Higher Education Provider Approval No. 2 of 2017

In ForceCTH

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Commonwealth

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legislative instrument

Plain English Summary

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This instrument approves Engineering Institute of Technology Pty Ltd as a Commonwealth higher education provider and attaches ongoing financial, reporting and notification conditions. The delegate of the Minister grants the approval and imposes binding obligations on the provider.

The provider must meet minimum liquidity and equity tests, limit guarantees and asset encumbrances, deliver annual audited tax-compliance declarations and monthly data for two years, and promptly notify the department of significant events or regulatory activity. Those requirements shift monitoring, audit and reporting costs onto the provider and increase departmental oversight.

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Higher Education Provider Approval No. 2 of 2017

NOTICE OF APPROVAL

COMMONWEALTH OF AUSTRALIA

Higher Education Support Act 2003

Higher Education Provider Approval No. 2 of 2017

Approval under section 16-25, decision under paragraph 16-50(1a), and Notice of Approval under paragraph 16-50(1b) to the Higher Education Support Act 2003.

I, Katerina Lawler, a delegate of the Minister for Education and Training for the purposes of 16-25, 16 - 50 and 16-60 of the Higher Education Support Act 2003 (the Act):

(a) approve the application of Engineering Institute of Technology Pty Ltd (ACN: 135 762 426, ABN: 39 135 762 426) as a higher education provider in accordance with section 16-25 of the Act; and

(b) impose conditions on the approval of Engineering Institute of Technology Pty Ltd as a higher education provider in accordance with paragraph 16-60 of the Act;

(c) note that this approval decides the application of Engineering Institute of Technology Pty Ltd as required by paragraph 16-50 (1a) of the Act; and

(d) hereby give Engineering Institute of Technology Pty Ltd written notice of my approval as required by paragraph 16-50 (1b) of the Act.

Conditions

Engineering Institute of Technology Pty Ltd must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.

2. Engineering Institute of Technology Pty Ltd must maintain a positive equity position for the period of its approval.

3. Engineering Institute of Technology Pty Ltd must not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances.

4. Engineering Institute of Technology Pty Ltd must not offer its assets as security for the benefit of any other person or entity including associated entities except as a consequence of any commercial loan arrangements with a recognised financial institution for the period of its approval. Associated entity has the meaning given by section 50AAA of the Corporations Act 2001.

Engineering Institute of Technology Pty Ltd must, on an annual basis for the period of its approval, provide the department responsible for administering the Act with:

a) a financial statement that complies with section 19-10 of the Act; and b) a declaration by an external and independent public accountant or qualified auditor that Engineering Institute of Technology Pty Ltd has, as at the date of the declaration, complied with all statutory obligations relating to the lodgement and payment of:

company tax;
goods and services tax;
pay-as-you-go withholding tax for employees;
payroll tax;
superannuation guarantee for employees; and
other withholding tax.

by no later than 31 December each year.

6. Engineering Institute of Technology Pty Ltd must, in writing, advise the department responsible for administering the Higher Education Support Act 2003 of any events affecting Engineering Institute of Technology Pty Ltd or a related entity that may significantly affect the capacity of Engineering Institute of Technology Pty Ltd to meet the quality and accountability requirements under the Act for the period of its approval. The written advice must be provided within 10 working days of the event occurring.

7. Engineering Institute of Technology Pty Ltd must inform the department responsible for administering the Higher Education Support Act 2003 in writing of changes to directors, company structure and/or its constitution for the period of its approval. The written advice must be provided within 10 working days of the event occurring.

8. Engineering Institute of Technology Pty Ltd must, as soon as practicable, advise the department responsible for administering the Higher Education Support Act 2003 of any regulatory activity undertaken or being undertaken by the Tertiary Education Quality and Standards Authority or any other regulatory body which may impact upon its operations for the period of its approval.

9. Engineering Institute of Technology Pty Ltd must, as soon as practicable, advise the department responsible for administering the Higher Education Support Act 2003 of any regulatory activity that has been or is being undertaken in relation to Australian Consumer Law and/or fair trading laws for the period of its approval.

Engineering Institute of Technology Pty Ltd must report data monthly for two years from the date of approval.

In accordance with section 16-55 of the Act and section 12 of the Legislation Act 2003 this notice of approval commences on the day after it is registered on the Federal Register of Legislation.

Date: 5 September 2017

Katerina Lawler

A/g Branch Manager

Funding Policy and Legislation Branch

Higher Education Group

Delegate of the Minister for Education and Training

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Higher Education Provider Approval No. 2 of 2017

NOTICE OF APPROVAL

COMMONWEALTH OF AUSTRALIA

Higher Education Support Act 2003

Higher Education Provider Approval No. 2 of 2017

Approval under section 16-25, decision under paragraph 16-50(1a), and Notice of Approval under paragraph 16-50(1b) to the Higher Education Support Act 2003.

I, Katerina Lawler, a delegate of the Minister for Education and Training for the purposes of 16-25, 16 - 50 and 16-60 of the Higher Education Support Act 2003 (the Act):

(a) approve the application of Engineering Institute of Technology Pty Ltd (ACN: 135 762 426, ABN: 39 135 762 426) as a higher education provider in accordance with section 16-25 of the Act; and

(b) impose conditions on the approval of Engineering Institute of Technology Pty Ltd as a higher education provider in accordance with paragraph 16-60 of the Act;

(c) note that this approval decides the application of Engineering Institute of Technology Pty Ltd as required by paragraph 16-50 (1a) of the Act; and

(d) hereby give Engineering Institute of Technology Pty Ltd written notice of my approval as required by paragraph 16-50 (1b) of the Act.

Conditions

Engineering Institute of Technology Pty Ltd must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.

2. Engineering Institute of Technology Pty Ltd must maintain a positive equity position for the period of its approval.

3. Engineering Institute of Technology Pty Ltd must not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances.

Engineering Institute of Technology Pty Ltd must, on an annual basis for the period of its approval, provide the department responsible for administering the Act with:

a) a financial statement that complies with section 19-10 of the Act; and b) a declaration by an external and independent public accountant or qualified auditor that Engineering Institute of Technology Pty Ltd has, as at the date of the declaration, complied with all statutory obligations relating to the lodgement and payment of: