Definitions

This page defines the terms used for the purposes of the assets policy for PSP providers.

Asset

In this policy, asset and leased asset, has the meaning as set out in clause 26.1 definitions of the Funding Deed.

Asset lifecycle management

In this policy, asset lifecycle management, is the process of managing assets throughout their entire lifecycle. At the end of the lifecycle, assets may be disposed or replaced when they are no longer efficient or cost-effective to retain.

Asset register

In this policy, asset register has the meaning as set out in clause 9.2 asset register, in the Funding Deed.

Bulk asset

Bulk assets has the meaning set out in clause 26.1 definitions, Assets (b).

Bulk assets means a group of items of tangible property purchased in bulk, either wholly or in part with the use of Funds provided under this Deed, where such items :

• are identical, substantially identical, or similar in nature, functionality or intended use; and
• individually have a cost of less than $2,000 (exclusive of GST); and
• as a group has a total cost of $10,000 or more (exclusive of GST).

Cost apportionment

In this policy, cost apportionment, refers to dividing and assigning costs to multiple cost centres, such as shared use of a vehicle.

DCJ supplied asset

In this policy, DCJ supplied asset refers to assets owned and supplied by us but utilised by you, your subcontractors or carers to deliver Services, such as properties.

Encumbrance

In this policy, encumbrance refers to a legal claim or liability placed upon an item of real or personal property that can work to reduce its value. For example, an encumbrance can be a lien or a mortgage. The term “encumbrance” can also be used to refer to another person’s right to a property.

High-cost asset

In this policy, high cost asset has the meaning as set out in clause 26.1 definitions of the Funding Deed.

High-cost asset means an asset with a cost of $10,000 or more (exclusive of GST).

Managing assets

In this policy, managing assets has the meaning as set out in clause 9.3 service providers responsibilities for assets, in the Funding Deed.

Ownership

In this policy, ownership has the meaning as set out in clause 9.1 acquisition and ownership, in the Funding Deed.

Purchase

In this policy, purchase has the meaning as set out in clause 9.1 acquisition and ownership, in the Funding Deed.

Related Party

In this policy, related party has the meaning as set out in clause 26.1 definitions of the Funding Deed.  More information on Related Parties can also be found in the Conflict-of-Interest Policy found here.

Related party means in relation to an entity or person (the first entity):

(a)  an Affiliate of the first entity or person

(b)  a subsidiary of the first entity or person

(c)   an entity of which the first entity is a subsidiary

(d)  a subsidiary of another entity of which the first entity is also a subsidiary

(e)  where the first entity is a company, any shareholder, securityholder or manager of the first entity

(f)    any entity or person that is:

1. controlled (within the meaning of section 50AA of the Corporations Act 2001 (Cth)) by that first person; or
2. who is an associate within the meaning of section 50AAA of the Corporations Act 2001 (Cth)) of that first person; or

(g)  a trustee of any unit trust in relation to which that first entity or person, or any corporation referred to above, directly or indirectly:

1. controls the right to appoint the trustee
2. is in a position to control the casting of, more than one half of the maximum number of votes that might be cast at a meeting of holders of units in the trust; or
3. holds or is in a position to control the disposal of more than one half of the issued units of the trust.