TAC Special Bulletin - Notification of Changes to Financial Viability Assessment Requirements October 2014

TAC Special Bulletin - Notification of Changes to Financial Viability Assessment Requirements October 2014

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Changes to Financial Viability Assessment Requirements

 

The Training Accreditation Council (TAC) has endorsed changes to its processes for assessing financial risk. The following changes apply to registration applications received by TAC on or after 1 October 2014.

 

Renewal of Registration Applications

From 1 October 2014, RTOs applying for renewal of registration will no longer be required to undergo a financial viability assessment. No financial evidence will need to be provided in support of the application.

 

Initial Registration Applications for Enterprise Organisations

From 1 October 2014, enterprise organisations applying for initial registration will no longer be required to undergo a financial viability assessment. If an applicant is seeking initial registration as an enterprise RTO, no financial evidence will need to be provided in support of the application.

 

All other applicants applying for initial registration will still be required to provide evidence of financial viability as part of the application process.

 

The changes do not affect the requirements of Condition 5 of the AQTF Essential Conditions and Standards, and applications will be considered on a case by case basis. If specific financial risks are identified, TAC may require a financial viability assessment to be conducted.

 

This new approach supports the COAG Industry and Skills Council objectives for VET reform and assists in reducing the regulatory burden on providers within the sector.

 

 

 

Last modified: 28/10/2015 2:45 PM