spacer spacer spacer spacer spacer spacer spacer spacer
spacer
spacer
    Latest Accounting News

Telephone: 03 9727 1244
Facsimile: 03 9727 0244
Email: Email Us

Address: Suite 2, 96 Manchester Rd, Mooroolbark VIC 3138
spacer
Hot Issues
ATO hit list 2025 – Key Areas Under Review
Why Succession Planning Matters for Privately Owned and Wealth Groups in Australia
Benefits of a business plan
Roles and Responsibilities in a Business Partnership
Mixing business and pleasure? Be vigilant this tax season
30 June 2025 - Tax Checklist - Small (and Micro) Business
3 more GST fraudsters sentenced under ATO’s Operation Protego
Evolution of Boeing - 1916 - 2025
ATO - Targeted Areas of Focus 2024-25
6 ways to improve your business plan
Benchmarks for small business
Beware the early lodgment tax trap, CPA Australia warns
Tax lawyer flags compliance traps with family trusts
Superannuation on paid parental leave from 1 July 2025
Tax Time Checklists Individuals; Company; Trust; Partnership; and Super Funds
Comparison of various Animal Weights
2025 Tax Planning Guide Part 2
From 1 July 2025 ATO Interest is no longer tax deductible
SME confidence and conditions see uptick over Q1 2025, survey reveals
Depreciation expert urges property investors to leverage tax depreciation
Buy a business
Upskilling and self-education costs
How secure is your super account?
Freshwater Resources by Country 2025
Why Might a Lease Dispute Occur?
$20,000 instant asset write-off
2025 Tax Planning Guide Part 1
New Bunnings scam warning
The Largest Empires in the World's History
Articles archive
Quarter 1 January - March 2025
Quarter 4 October - December 2024
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
Small businesses urged to register assets before insolvency explosion.

 

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell says it is essential for small business owners to secure their assets and business loans, with economists predicting a steep rise in insolvencies this year.

 



       


Ms Carnell says small businesses need to secure their assets through the Personal Property Securities Register (PPSR) so they are better protected in the event of an insolvency.


“Given the incredibly tough past 12 months we’ve had and predictions of a wave of insolvencies to come, PPSR has never been more important,” Ms Carnell says.


“The greatest pity is that many small businesses find it too difficult to use.”


Releasing ASBFEO’s PPSR Research Paper today, Ms Carnell said the PPSR, if used correctly, is a powerful tool that can deliver significant benefits to small businesses.


“Many small businesses are not aware that correctly registering their interests can save them a world of pain in the long run,” Ms Carnell says.


“So many small businesses have invested heavily in their businesses over the past 12 months, but few know that they can secure these loans, pushing them higher up the security chain if there’s an insolvency.


“More importantly, small businesses that register their interests won’t need to fight tooth and nail to retain title to their goods if a business customer winds up.


The Ombudsman’s research paper found an urgent overhaul of the PPSR system is required to make it accessible to small businesses.


“Unfortunately the PPSR in its current form is not making life easier for small businesses,” Ms Carnell says.


“The name is confusing, the language is overly technical and the operation of the register is very complicated.


“Many small businesses we spoke to said they would need a lawyer to help them register their interests – an additional cost burden for struggling small businesses.


“Put simply - systems and regulations imposed on small businesses by government need to be easy to get right and hard to get wrong. At the moment PPSR is hard to get right and easy to get wrong.


“Our report recommends streamlining the system, including encouraging small business cloud accounting platforms in to provide regtech solutions such as pop-up reminders to small business owners who record a personal loan to the balance sheet, alerting them to register it on the PPSR.


“I urge the government to implement the recommendations in our report, to build a system that works for the small business community and provides them with the certainty they need.


 


 


Source: Australian Small Business and Family Enterprise Ombudsman


 




28th-February-2021
 
sitemap | site by AcctWeb