Budget preparation & funds management
A guide for researchers on preparing your research budget, managing your research funds and having a budget when you travel & live away from home as part of your work.
Benefits of budgeting
An accurate budget is essential for a successful project. If a project is not fully costed, it may run out of funds before it ends, blowing timelines, reducing quality and letting down partners.
A good budget highlights the resources needed for an agreed outcome and either ensures those resources are provided, or opens avenues for discussing alternative approaches.
Budgeting tips
- For complex projects and tenders, cost each stage or phase separately.
- Consider all the resources needed: staff time, travel, consumables, transcription.
- Be accurate – you can adjust margins in the costing tool to allow for uncertainty or risk. Changing the time required or number of an item only risks later confusion
Managing research funds
Download the Research funds management guidelines, our guide for researchers, deans, directors, finance staff and research administrators on managing research funding.
Travel & living away from home
There are various reasons which will lead to researchers, from all levels of experience, having a budget to travel and live away from home as part of their work, for example undertaking a research project or a component of a research project funded by a grant, participating in meetings/conferences or a visiting fellow program.
Victoria University provides travel allowances (per diems), typically for short-term travel periods. The per diem rates can be found on the Finance intranet site under travel information (login required).
An employee is considered to be travelling for work if they are away for no more than 21 consecutive days, and fewer than 90 days in the same work location within the FBT year (from 1 April—31 March). For travel periods exceeding 90 days, the per diem may be considered a Living Away From Home Allowance (LAFHA) and subject to Fringe Benefits Tax (FBT). All LAFHAs must be processed through People and Culture and require the completion of a LAFHA declaration form to comply with tax law.
For further guidance refer to the Financial Code of Conduct - Fringe Benefits Tax (FBT) Procedures or contact the Tax Compliance team at for additional advice.
