![]() | ![]() |
Gaol Time for Delinquent Company Directors / PPSR UpdateRobert Kite02 Apr 2019 It’s Gaol Time for Delinquent Company Directors There have been a number of cases determined in the last 6 months regarding the conduct of company directors, which has ultimately resulted in those parties receiving custodial sentences. In each of the scenarios, the investigations of the Australian Taxation Office (“ATO”) have found that the directors engaged in activity to falsely claim refunds for GST, and / or, failed to report and remit the GST and PAYG Withholdings to the ATO. These recent convictions send a very clear message on behalf of the ATO to those who may set out to defraud them. A summary of these recent convictions are provided below:
In sending a message to the community, comments made by an ATO spokesperson in relation to one of the above convictions were “we welcome the jail sentence handed down & the warning it sends to others considering engaging in similar behavior. If you break the law, we will hold you accountable even if it means pursuing you in the courts”. There is increasing scrutiny by various government agencies on behaviours that results in loss of revenue to taxation authorities. If you have a client that is struggling in meeting their taxation obligations, please call us for a no obligation consultation to discuss the alternatives available to them. Are your Security Interests on the PPSR due to Expire? The Personal Property Securities Act 2009 (Cth) (PPSA) commenced on 30 January 2012. The PPSA saw the implementation of the Personal Property Securities Register (PPSR), a national online register recording the interest of individuals and/or corporations against goods or assets. The seventh anniversary of the PPSR passed on 30 January 2019. This date had a significant impact on a number of registrations. But why is this so? The reason is that pursuant to Section 153(1) of the PPSA, the registration period for security interests for consumer property, or property described by a serial number, is a maximum of seven years. Unless these registrations are renewed prior to their 7 year anniversary (or earlier subject to the end time noted on the registration), the registration automatically expires. Consequently, if not renewed a large volume of security interest registrations were due for automatic expiry, commencing from 30 January 2019. Automatic expiry of a registration means that the registration cannot be renewed and a new security interest must be registered on the PPSR. The impact of an expiring registration may include the loss of protection over the secured party’s interest in the personal property afforded under the PPSA and the Corporations Act 2001 (Cth), and/or the alteration in the order of priority for security interests in the event of a new registration. To demonstrate the significant impact of the automatic expiry of registrations on the PPSR, the table below sets out the volume of registrations due to expire for the first half of 2019.
To ensure protection of security interests it is imperative that you implore your clients to renew their current registrations prior to the registration end date, or if the registration has expired, urgently complete a new registration. To be continued in our next newsletter. |
News & Updates![]() Alert to Advisors - Potential Personal Liability Read all
![]() Covid-19 Safe Harbour Protection for Directors Read all
![]() The Dangers of Lending to Loved Ones Read all
![]() Impending Changes to the DPN and PPSR Update Read all
![]() Recent criminal changes to the Director Penalty Notice Regime Read all
![]() Gaol Time for Delinquent Company Directors / PPSR Update Read all
![]() When is a Guarantee Not a Guarantee? Read all
![]() Illegal Phoenix Operations & Determining Right to Income Read all
![]() New & Proposed Legislative Changes Read all
![]() Voidable Property Transfer & Director Liability Read all
![]() Welcome to New Partner and Reforms to Insolvency Law Read all
![]() ASIC Statistics and Enforcement Read all
![]() Government Targets Foreign Investors with New Tax Legislation Read all
![]() Dodgy Advisers – Watch Out! Read all
![]() Steering the Ship onto Rocks: Directors Flouting Obligations Read all
![]() From the Mining Boom to the Ideas Boom - What it All Means Read all
![]() When is a Debt to the ATO Due and Payable Read all
![]() ATO and Phoenix Activity Read all
![]() Unreasonable Director-related Transactions & PPSA Update Read all
![]() PPS and ASIC Prosecution Read all
![]() Leases and Insolvency Read all
![]() PPS Update Read all
![]() Expansion of Director Liability Provisions (PAYG & SGC) Now Law Read all
![]() Proposed Changes to Corporations Act (Phoenix Activity) and Taxation Act (Director Penalty) Read all
![]() March 2012 PPSA Newsletter Practical Worked Examples Read all
![]() Personal Property Securities Act ("PPSA") Now Law Read all
![]() PPS Reform - Understanding Security Interests: Perfection and Priorities Read all
![]() Tax Changes - Expansion of Director Liability Provisions Read all
![]() Australian Taxation Office - Statutory Garnishee Notices Read all
![]() Major Change to Registering Security Interests – Personal Property Securities Reform Read all
![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]()
|