Personal Property Securities Register

The Personal Property Securities Register (PPSR) allows lenders and businesses to register their security interests. Other parties can search the register to find out if there is a security interest registered over the personal property.

Businesses who sell personal property on credit, consignment or on a retention of title arrangement should register their interest in the property on the PPSR.  It is also relevant where your business assets may be stored somewhere apart from your business premises (eg. on a worksite).

 

Consumers who are about to purchase personal property should check the PPSR to ensure the property is free of a security interest.

 

Examples of personal property include:

* art

* cars, boats and caravans

* plant and machinery

 

Registering your interest on the PPSR will help protect you businesses from incurring losses when a customer defaults on a loan or does not fulfil other obligations.

DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice.  Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information.  We recommend that our formal advice be sought before acting in any of the areas.  The article is issued as a helpful guide to clients and for their private information.  Therefore it should be regarded as confidential and not be made available to any person without our consent,

Voluntary HECS repayments

From 1 January 2017, the government will remove the 5% voluntary repayment bonus for HECS/HELP loans. This 5% bonus currently applies to voluntary HECS/HELP repayments of $500 or more. If you were thinking about making a voluntary payment towards your HECS/HELP debt, do it before 31 December 2016 to take advantage of the 5% discount. Give us a call if you need details on how to make a voluntary repayment.

DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice.  Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information.  We recommend that our formal advice be sought before acting in any of the areas.  The article is issued as a helpful guide to clients and for their private information.  Therefore it should be regarded as confidential and not be made available to any person without our consent,

Paying ATO liabilities

When dealing with taxpayers and their outstanding liabilities, the ATO have announced that they will be tailoring their communication based on the taxpayer’s previous behaviour and choices. 

The ATO will be using data about the taxpayer’s previous behaviour, obligations and risk profile to tailor how they respond to the late payment.  This will mean:

* The first notification you receive may be different than before;

* The ATO may contact you in different ways, including by letter and phone.  If you have linked your myGov account to the ATO, letters will be sent to your myGov Inbox;

* The ATO may take appropriate action after only eight days.If you are having trouble paying your ATO liabilities, please contact us immediately.  It is important that we communicate with the ATO to ensure no further action is taken.


Xavier Quenon from Go Mortgage (based in Helensvale) recently wrote an article recently about the impact of ATO debt on borrowing capacity.  You can access the article here.

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DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice.  Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information.  We recommend that our formal advice be sought before acting in any of the areas.  The article is issued as a helpful guide to clients and for their private information.  Therefore it should be regarded as confidential and not be made available to any person without our consent,

Backpacker Tax

The Government has recently enacted legislation to change the tax rates for working holiday makers with visa sub-class 417 and 462 from 1 July 2017.  

If you employ working holiday makers, you will need to register with the ATO.  Once you are registered with the ATO, a 15% withholding rate applies to the first $37,000 of the working holiday maker’s income.  From $37,001, normal foreign resident withholding rates apply.

Employers who do not register must withhold 32.5% tax on the first $37,000 and then apply the normal foreign resident withholding rates after that.  Please contact us as soon as possible if you hire working holiday makers so we can assist you with the registration and tax withholding process.

DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice.  Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information.  We recommend that our formal advice be sought before acting in any of the areas.  The article is issued as a helpful guide to clients and for their private information.  Therefore it should be regarded as confidential and not be made available to any person without our consent,