Document ID: chunk:federal_register_of_legislation:F2017L00660:body:0:p1
Version: federal_register_of_legislation:F2017L00660
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NOTICE OF APPROVAL
COMMONWEALTH OF AUSTRALIA
Higher Education Support Act 2003
Higher Education Provider Approval No 1 of 2017

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, Katerina Lawler, 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 BBI The Australian Institute of Theological Education (ACN: 161 120 118, ABN: 22 161 120 118) as a higher education  provider in accordance with section 16-25 of the Act; and
   (b)      impose conditions on the approval of BBI The Australian Institute of Theological Education as a higher education provider in accordance with paragraph 16-60 of the Act;
   (c)       note that this approval decides the application of BBI The Australian Institute of Theological Education as required by paragraph 16-50 (1a) of the Act; and
   (d)      hereby give BBI The Australian Institute of Theological Education written notice of my approval as required by paragraph 16-50 (1b) of the Act.

Conditions
  1. BBI The Australian Institute of Theological Education must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.
  2.  BBI The Australian Institute of Theological Education must maintain a positive equity position for the period of its approval.
  3.  BBI The Australian Institute of Theological Education must not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances.
  4.  BBI The Australian Institute of Theological Education 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.
  5. BBI The Australian Institute of Theological Education must, on an annual basis for the period of its approval, provide the department responsible for administering the Act with:
     a)      a financial statement that complies with section 19-10 of the Act; and
     b)      a declaration by an external and independent public accountant or qualified auditor that BBI The Australian Institute of Theological Education 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
          * other withholding tax.
  by no later than 31 December each year.
  6.  BBI The Australian Institute