Latest Accounting News
Hot Issues
ATO reveals common rental property errors from data-matching program
New SMSF expense rules: what you need to know
Government releases details on luxury car tax changes
Treasurer unveils design details for payday super
6 steps to create a mentally healthy and vibrant workplace
What are the government’s intentions with negative gearing?
Small business decries ‘unfair’ payday super changes
The Leaders Who Refused to Step Down 1939 - 2024
Time for a superannuation check-up?
Scam alert: fake ASIC branding on social media
Millions of landlords the target of expanded ATO crackdown
Government urged to exempt small firms from TPB reforms
ATO warns businesses on looming TPAR deadline
How to read a Balance Sheet
Unregistered or Registered Trade Marks?
Most Popular Operating Systems 1999 - 2022
7 Steps to Dealing With a Legal Issue or Dispute
How Do I Resolve a Dispute With My Supplier?
Changes to Casual Employment in August 2024
Temporary FBT break lifts plug-in hybrid sales 130%
The five reasons why the $A is likely to rise further - if recession is avoided
June quarter inflation data reduces risk of rate risk
‘Bleisure’ travel claims in ATO sights, experts warn
Taxing unrealised gains in superannuation under Division 296
Most Gold Medals in Summer Olympic Games (1896-2024)
Estate planning considerations
5 checklists to support your business
Are you receiving Personal Services Income?
What Employment Contracts Does My Small Business Need?
The superannuation changes from 1 July
Hasty lodgers twice as likely to make mistakes, ATO warns
Articles archive
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 2 April - June 2007
Quarter 2 April - June 2006
Quarter 1 of 2012
Articles
Australian Securities & Investment Commission (ASIC) - Register of Charges Expires
Business Names Reform Update
New Restrictions on SMSF Investment in Artworks, etc
Employer Superannuation Obligations
Centrelink Benefits - How Work Affects Your Payments
Family Trusts - Complexity Increases, and so will costs
Do you need to lodge an income tax return?
Australian Securities & Investment Commission (ASIC) - Register of Charges Expires
As part of the reform of securities legalisation, the lodgement of Register of Charges ceased on 30th January 2012.

The on-line register closed on 27th January 2012 to be replaced by the Personal Property Securities (PPS) Register (see and earlier article on this topic below).

Reform of credit and relevant controls during insolvency occurred several years ago.

The replacement of the Company Register of Charges with a similar register was legislated quite some time ago.

However, the implementation required ASIC to migrate all existing securities on its database of each Company’s Register of Charges into the new Register.  That has taken nearly a year longer than the intended start date last year.

The new system will often strengthen the banks position in an insolvency and make many retention of title terms of trade ineffective or less effective.

All businesses with retention of title clauses should obtain legal advice whether their terms of trade meet these new procedures.  Without registration on PPS Register any retention of title terms are ineffective in an insolvency, so taking action to meet enforcement and registration of their interest in the PPS Register needs to be action immediately.

--------------------------------------------------------------

Personal Property Securities (PPS)
25-01-2011

In May 2011 new laws will apply uniformly to the granting of security over personal property.

Personal property is any form of property other than land and buildings.  Personal property includes motor vehicles and machinery (tangible property) and rights under contract and intellectual property (intangible property).
 

A PPS is an interest in personal property that secures a payment or performance of an obligation.  A loan taken out by a business that is secured over the business’ trading stock is one example of a personal property security.
 

The PPS Register will be a single, national online register.  Secured parties and potential secured parties will be able to use it to search for, and register their security interest in personal property.  Other creditors will be able to search and then make an informed decision before granting credit.

 
New Zealand has used a registration system for many years.  We followed them into GST, but still made many mistakes.  Will we learn this time? 



16th-March-2012

Liability limited by a scheme approved under Professional Standards Legislation