Higher Education Support Act 2003 - VET Provider Approval (No. 24 of 2014)

Link to law: https://www.comlaw.gov.au/Details/F2014L00441

NOTICE OF APPROVAL
 
COMMONWEALTH OF AUSTRALIA
 
Higher Education Support Act 2003
 
VET Provider Approval No 24 of 2014
 
Approval under subclause 6(1), decision under paragraph 11(1)(a), and Notice of Approval under paragraph 11(1)(b) of Schedule 1A of the Higher Education Support Act 2003 (the Act).
 
I, Ben Johnson, a delegate of the Minister for Education for the purposes of sections 16-25 and 16‑50 of the Higher Education Support Act 2003 (the Act):
(a)          approve the application of NQ Powertrain Pty Ltd (ACN: 143 330 590  ABN: 34 143 330 590) as a VET provider in accordance with subclause 6(1) of Schedule 1A  to the Act; and
(b)          impose conditions on the approval of NQ Powertrain Pty Ltd in accordance with subclause 12A(1) of Schedule 1A to the Act; and
(c)           note that this approval decides the application of NQ Powertrain Pty Ltd as required by paragraph 11(1)(a) of Schedule 1A to the Act; and
(d)          hereby give NQ Powertrain Pty Ltd written notice of my approval as required by paragraph 11(1)(b) of Schedule 1A to the Act.
 
Conditions
1.      NQ Powertrain Pty Ltd must provide to the Department responsible for administering the Act (the Department), year to date interim management reports on a six monthly basis including, but not limited to, standard Balance Sheet and Detailed Profit and Loss statements for NQ Powertrain Pty Ltd. The management reports must be attested to by a Director of NQ Powertrain Pty Ltd that they present a true and fair view of the financial position of NQ Powertrain Pty Ltd. The management reports must be provided each year by 5.00pm on:
a.      31 January – covering the period 1 July to 31 December, and
b.      31 July – covering the period 1 January to 30 June, including year to date figures covering the period from 1 July to 30 June.
2.      NQ Powertrain Pty Ltd must provide to the Department revised projected student enrolment and budget forecast reports for the current and next financial reporting year. The forecasts must be provided with the provision of the interim management reports.
3.      NQ Powertrain Pty Ltd must provide to the Department with the provision of the interim management reports:
a.      a progress report comparing actual student enrolments against projected student enrolments and actual income and expenses against budget forecasts for the same period as the interim management reports; and
b.      an explanation of variances of ten per cent or more between actual and projected student enrolments and actual income and expenses and budget forecasts.
4.      NQ Powertrain Pty Ltd will receive payments for VET FEE HELP in arrears for the first year after being approved as a VET provider (ie lump sum payment will be made based on actual student liabilities reported in the Higher Education Information Management System (HEIMS) after each census date).
5.      NQ Powertrain Pty Ltd must report actual student liability data through HEIMS within four weeks of each census date set by NQ Powertrain Pty Ltd.
6.      NQ Powertrain Pty Ltd must not provide any new guarantees or loans to its directors, related entities, related persons or employees.
7.      NQ Powertrain Pty Ltd must not offer its assets as security for the benefit of any other person or entity including related entities except as a consequence of any commercial loan arrangements with a recognised financial institution.
8.      NQ Powertrain Pty Ltd must inform the Department in writing of changes to directors, company structure and/or its constitution at the time any changes occur.
9.      NQ Powertrain Pty Ltd will provide the Department with all required financial information as specified in the Financial Viability Instructions, on an annual basis and no later than 31 December each year.
Conditions 1 to 3 will remain in place for a period of 36 months from the date of commencement of the notice of approval.  Condition 4 will remain in place for the timeframe stipulated.  Conditions 5 to 9 will remain in place for the time NQ Powertrain Pty Ltd continues to be an approved VET provider.
 
In accordance with subclause 12(2) of Schedule 1A to the Act this Notice of Approval commences on the day after it is registered on the Federal Register of Legislative Instruments.
 
 
 
Dated this …………twenty second..............…. day of ………….....April.……………………….. 2014
 
 
 
Ben Johnson
Branch Manager
Delegate of the Minister for Education
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