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All entities risk losing assets to third party creditors under the Personal Properties Securities Act unless they take steps to protect their title through appropriate documents and action (typically registration on the PPSR).
For SMSF trustees, a failure to take action has the additional sting of potentially subjecting the fund to non-compliance and other penalties such as a substantial tax obligation, particularly where it involves assets used by a related party.
SMSF trustees should be aware of these PPSA issues where they:
If an SMSF trustee does any of these things then it is critical that trustees seek advice to ensure the transaction is fully documented in accordance with relevant PPSA provisions and registered properly on the PPSR.
For more information on the PPSA generally, click here or contact Scott Hay-Bartlem, Clinton Jackson or Alex Clifton-Jones to discuss its application to SMSFs.
This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please let us know.
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Fast, accurate and flexible entities including companies, self-managed superannuation funds and trusts.