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  • 4 years ago
N027 Personal Property Securities Act – Risks To Your Clients

N027 Personal Property Securities Act – Risks To Your Clients

The following newsflash clearly identifies the issues confronting accountants on the Personal Property Securities Act (PPSA):•    Millions of dollars have already been lost by businesses, both small and large, caused by:-    ignorance of the PPSA; and-    not registering on the Personal Property Securities Register (PPSR).•    Legal action has been commenced against an accountant, claiming that no information on the PPSA has been distributed to the client.What does this all mean to accountants and, importantly, what role do accountants have in assisting their SME clients to understand the PPSA, which some people have claimed is the most far-reaching business legislation introduced into Australia in the last 200 years?Undoubtedly, the biggest change is that ‘title is no longer king’.  The fact that the business paid for an asset does not mean that business is able to retrieve the asset at any time, unless the business has taken steps to adequately protect their position on the PPSR.
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