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New ATO Scam Warning - Beware

WARNING: New ATO Scam - You Need to Read This!

We have been advised from a client that he has just received a phone call from a person claiming to be from the Australian Tax Office (ATO).

The caller wanted to organise a meeting to discuss some "irregularities" in our client's tax affairs.

Enquiries with the ATO proved the person was a fraud.

If you receive a similar call do not provide any details and certainly do not agree to a meeting. It is most likely the meeting is just an excuse to ascertain your level of gullibility and the first step in fraudulently extracting your personal details.

 

Would You Spend $8 to Save $50mil

Don't Burn Your Money

Even the biggest companies can make mistakes. It just seems that when it comes to the Personal Properties Security Register (PPSR) the message is not really as clear as it should be. (Please CLICK HERE for our last post on this subject)

Here is an example of how to burn $50 million by NOT taking proper advice and NOT paying $8 in registration fees to protect your assets.

Recently a US company, APR Energy, decided not to register a security interest on the Personal Properties Security Register (PPSR) for four gas turbines it had on lease to an Australian company. The Australian company, Forge Group, was placed into receivership in February 2014 while they were leasing four gas turbines from APR Energy. As reported by The Age, receivers of Forge Group are now trying to assert their right to gain control of the turbines to satisfy the debts of Forge Group. If they are successful APR Energy will be relegated to an unsecured creditor and may well get nothing from the liquidation of their customer.

It only costs $8 to register a security interest on the PPSR. It seems ludicrous to us that people in business would not want to make sure their valuable property is appropriately secured.

If you provide finance, supply, lease, hire or loan assets to third parties, we strongly recommend you obtain appropriate advice and consider registering your 'security' interest in the assets.

REMEMBER THE RULES HAVE CHANGED – POSSESSION REALLY CAN BE 90% OF THE LAW

Complete Business Strategies strive to provide pro-active solutions to help our clients maximise their hard earned profits. Please call us on 5439 1600 or CLICK HERE to make an appointment with one of our specialist advisers. Don't be too cheap to take proper advice, we don't want you to become the next newspaper headline.

PPSR - What You Need to Know

Know Your Rights to Keep Your Property Secured - PPSR Transitional Period ends 31 January 2014
If you use a "Retention of Title" clause, hire equipment to others, or buy and sell used goods then YOU MUST WATCH this video. It's less than 2 minutes long and may save you thousands:

From 30 January 2012 the Personal Properties Security Act ("PPSA") established a new system for registering the creation, priority, and enforcement of security interests in personal property. Personal Property is generally ALL property other than land, fixtures, and some other statutory interests. Personal Property includes the goods you sell or supply through your business.

The transition period of grace for registering security interests that existed as at 30 January 2012 is about to expire.

This means all those transitional security arrangements may no longer be enforceable and you may be at risk. Examples of commercial arrangements that may attach transitional security interests are:

  • leases/hiring agreements
  • retention of title supplies
  • commercial consignments

If any of these arrangements apply to you then you should fully understand the PPSA or call our office on 5439 1600 or CLICK HERE to make an appointment with one of our qualified staff.

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