The following newsflash clearly identifies the issues confronting small businesses on the Personal Property Securities Act (PPSA):  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).

What does this all mean to small business operators and to their accountants, who are advising them?  The PPSA represents significant changes to Australian commercial law.  In fact, some people have claimed that this is the most far-reaching business legislation introduced in Australia in the last 200 years.

Undoubtedly, the biggest change is that ‘title is no longer king’.  The fact that the business paid for an asset does not mean that business is able to retrieve that asset at any time, unless the business has taken steps to adequately protect their position on the PPSR.

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