During the 2 year transition period to the PPSR, secured parties have enjoyed “temporary perfection” for their TSI without the need to register on the PPSR. That transition period expires at midnight on 31 January 2014.
In the lead-up to its demise, it is common for companies to negotiate “payment arrangements” with the ATO for outstanding tax liabilities. These arrangements provide directors with valuable breathing space in terms of cash-flow, however they can also come back to bite directors in terms of personal liability when the company becomes insolvent.
Many lessons have been learnt since the introduction of the PPSA on 30 January 2012 – particularly, in an insolvency context with the collapse of WOW Sight and Sound (for consumers/small businesses) and Hastie Group (for insolvency practitioners).
On 28 June 2013 a significant change to the Fair Work Act 2009 (Cth) came into effect which will knuckle down on bullying in the workplace.
Although much has been published on the importance of registering your security interests on the PPSR and on the major impacts the PPSA could have on your business, for many companies this significance is not sinking in.
Given the time the new legislation has been in force, it is timely to review your business to ensure compliance with PPSR and PPSA requirements in 2013.
The Australian Tax Office (ATO) are cracking down on directors in regards to unpaid PAYG and superannuation debts. Following on from the changes the ATO made to Director Penalty Notices in May of last year, a new legislation was passed on 29 June 2012 which further affects directors’ personal liability.
The Attorney-General has announced that the Registration Commencement Time for the Personal Property Securities Act (“PPSA”) will be 30 January, 2012. Under the PPSA, all securities, including some that are not currently registrable (such as retention of title clauses) will have to be registered on the online Personal Property Securities Register to ensure your interests are protected.
No more Warnings, No Payment Plans, No Excuses. Pay in Full and on Time – Or Else! On 13 October 2011 the Federal Government introduced new tax legislation. The intention of the new legislation is twofold:
Unpaid sub-contractors who have performed building work may issue a payment claim upon a builder under the provisions of the Building and Constructions Industry Payments Act (BCIPA).
Sometimes it’s just plain not fair… you have bought a lot within a community titles scheme or as a current owner your circumstances change and suddenly you are told you cannot do something – it’s against the body corporate by-laws!