Wednesday 18 Sep 2019
*

Latest Accounting News
Hot Issues
Access to more resources and tools than most websites.
Tax Return Mistakes
SMSF advice appetite strong, says ASIC
Taxpayers confused by Scott Morrison’s $1,080 tax refund
Common STP set-up mistakes - ATO
Proposal to hold directors liable for GST set to pierce corporate veil
September 2019 - vital statistics for Australia
Tax Commissioner wants to turn black economy to ‘lighter shade of grey’
Changes to the Private Health Insurance Statement
Up to 9 in 10 ‘other’ expenses adjusted as ATO reveals dodgy claims
Downsizer Super Contribution
Tax payers to receive beefed up tax returns.
10 top global corporations since 1998
Catch-up Contributions
Life Insurance
Community tip-offs trigger ATO visits
Australia at a glance
2019: Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
Small business clients need to be ready for STP by 30 September
Big four firm outlines new financial year checklist for SMSFs
Alert - Online Share Accommodation
ATO flashes warning over $7.2bn car expenses claims
Vital statistics for our great nation.
3 out of 4 tax dob-ins are about business
Tax on compensation received for inappropriate advice
‘Extra care’ crucial in avoiding ATO spotlight this tax time
ATO clears up FAQs about Single Touch Payroll
GST reporting: common errors and how to correct them
LRBAs, guarantees in need of review after property market falls
Victorian Property Valuation Cycle
Articles archive
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 4 October - December 2007
Quarter 2 April - June 2007
Quarter 1 January - March 2007
Quarter 4 October - December 2006
Quarter 2 April - June 2006
Quarter 4 October - December 2005
Quarter 3 July - September 2005
Quarter 2 April - June 2005
Quarter 2 April - June 2004
Quarter 1 January - March 2004
Quarter 4 October - December 2003
Quarter 3 July - September 2003
Quarter 4 October - December 2001
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
        
89 Boronia Road Boronia Vic 3155 Phone: (03) 9762 5400 Fax: (03) 9761 1327