Asset transfers, trade-ins and disposals

Transferring within UQ

Assets can be transferred internally between organisational units. Transfer can mean:

• units giving or selling assets to other units
• a change to the operational unit or site used on the purchase order for the asset.

Your Finance Professional Services team can arrange the transfer in UniFi.

Trading in to an external supplier

If you’re trading in an asset to a supplier as part of purchasing a new asset, follow the Assets Procedures.

Retiring and removing from the register

We must retire an asset and remove it from the register if:

• we no longer own it
• we can’t use it anymore
• it’s no longer expected to provide a future economic benefit.

Assets may be retired if they are:

• incorrectly added to the register
• returned to the supplier for a refund
• sold, donated or traded in to an external body
• stolen or knowingly lost
• damaged beyond repair and no longer used
• scrapped because they no longer provide an economic benefit or are technically obsolete.

All retirements must be authorised by the head of your organisational unit. Your Finance Professional Services team can organise for the asset to be removed from the register.

You must document the process of disposal and keep the documentation for future audits.

Assets that are disposed of as damaged, stolen or missing will be reported in the financial statements as a loss to the University.

Follow the Assets Procedures to retire assets.

Research equipment

See the Assets Procedures for transfer and disposal of grant-funded research equipment.

Finance staff