Sep 4, 2014
The Personal Property Securities Act (PPSA) contains potential risks to your clients. 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).
The PPSA is the most far-reaching legislation introduced into Australia in the last 200 years.
Title is no longer king.
The fact that the business paid for an asset does not mean that the business is able to retrieve the asset at any time, unless the business has taken steps to adequately protect their position on the PPSR.
Accountants, as trusted advisers, should ensure that their SME clients have introduced systems to enable appropriate review of transactions and the location of assets to protect themselves under the PPSA.
ESS BIZTOOLS has developed ‘PPSR – Due Diligence System’ to assist accountants and business advisers help SMEs to protect their assets.
ESS BIZTOOLS PTY LTD
+61 7 4724 1118