1Higher Education Provider Approval No. 2 of 2018

NOTICE OF APPROVAL

COMMONWEALTH OF AUSTRALIA

Higher Education Support Act 2003

Higher Education Provider Approval No. 2 of 2018

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 (the Act).

I, Damian Coburn, 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 ISN Psychology Pty Ltd (ABN: 16 607 683 303, ACN: 607 683 303) as a higher education provider in accordance with section 16-25 of the Act;

(b) impose conditions on the approval of ISN Psychology 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 ISN Psychology Pty Ltd as required by paragraph 16-50 (1a) of the Act; and

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

Conditions

ISN Psychology Pty Ltd must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.
ISN Psychology Pty Ltd must maintain a positive equity position for the period of its approval.
ISN Psychology 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.
ISN Psychology 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.
ISN Psychology Pty Ltd must, on an annual basis for the period of its approval, by no later than 31 December each year, provide the department responsible for administering the Higher Education Support Act 2003 with:

a) General purpose financial statement that complies with section 19-10 of the Higher Education Support Act 2003; and
b) a declaration by an external and independent public accountant or qualified auditor that ISN Psychology 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