Higher Education Support Act 2003 - VET Provider Approval No. 33 of 2015

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NOTICE OF APPROVAL
COMMONWEALTH OF AUSTRALIA
Higher Education Support Act 2003
VET Provider Approval No 33 of 2015
 
Approval under subclause 6(1), decision under paragraph 11(1)(a), and notice of approval under paragraph 11(1)(b) of Schedule 1A to the Higher Education Support Act 2003 (HESA).
I, Shelley Owen, a delegate of the Minister for Education and Training
(a)      approve the application of Air Gold Coast Pty. Ltd. (ACN: 010 792 800     ABN: 53 010 792 800)  as a VET provider in accordance with subclause 6(1) of Schedule 1A to HESA; and
(b)     imposes conditions on the approval of Air Gold Coast Pty. Ltd. as a VET Provider in accordance with subclause 12A(1) of Schedule 1A to HESA; and
(c)      note that this approval decides the application of Air Gold Coast Pty. Ltd. as required by paragraph 11(1)(a) of Schedule 1A to HESA; and
(d)     hereby give Air Gold Coast Pty. Ltd. written notice of my approval as required by paragraph 11(1)(b) of Schedule 1A to HESA.
Conditions
                     i.            Air Gold Coast Pty. Ltd. must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.
                   ii.            Air Gold Coast Pty. Ltd. must maintain a positive equity position for the period of its approval.
                  iii.            Air Gold Coast Pty. Ltd. will not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances for the period of its approval.
                 iv.            Air Gold Coast 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.
                   v.            Air Gold Coast Pty. Ltd. must provide the Department responsible for administering the Higher Education Support Act 2003 with all required financial information as specified in the Financial Viability Instructions, on an annual basis by no later than 31 December each year for the period of its approval.
                 vi.            Air Gold Coast Pty. Ltd. must, in writing, advise the Department responsible for administering the Higher Education Support Act 2003 of any events affecting Air Gold Coast Pty. Ltd. or a related entity that may significantly affect the capacity of Air Gold Coast Pty. Ltd. to meet the VET quality and accountability requirements under the Higher Education Support Act 2003 for the period of its approval. The written advice must be provided within 10 working days of the event occurring.
                vii.            Air Gold Coast 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.
              viii.            Air Gold Coast Pty. Ltd. must not include in VET units of study, any units of competency that are not listed as part of the diploma or above level qualification in the relevant Training Package or VET Accredited Course for the period of its approval.
                 ix.            Air Gold Coast Pty. Ltd. will provide the Department with audited financial statements for the most recently ended financial period, prepared in accordance with the requirements of Appendix 2 of the Financial Viability Instructions, and completed Financial Performance information in HITS for the above financial period, by no later than six months after the end of the financial period.
                   x.            Air Gold Coast Pty. Ltd. will provide the Department with financial statements for its parent entity, Air Gold Coast Holdings Pty Ltd, for the most recently ended financial period, by no later than six months after the end of the financial period.
                 xi.            Air Gold Coast Pty. Ltd. will provide the Department with a comprehensive statement of assets and liabilities, attested to by an accountant, for Allan Charles Buckler as guarantor of the Deed of Financial Guarantee – Financial Viability, as at the date of the most recently ended financial period, by no later than six months after the end of the financial period.
                xii.            Air Gold Coast Pty. Ltd. must advise the department responsible for administering the Higher Education Support Act 2003 of any regulatory activity undertaken or being undertaken by ASQA relating to non-compliance with the Standards for NVR Registered Training Organisations for five years from the date of approval.
              xiii.            Air Gold Coast Pty. Ltd. must 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 five years from the date of approval.
              xiv.            Air Gold Coast Pty. Ltd. must report data monthly for two years from the date of approval.
 
 
In accordance with subclause 12(2) of Schedule 1A to HESA this notice of approval commences on the day after it is registered on the Federal Register of Legislative Instruments.
 
Dated this 22nd day of December 2015
 
 
 
Shelley Owen
Acting Branch Manager
Delegate of the Minister for Education and Training
 
 

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