It has been brought to our attention by Mooroolbark Lawyer, Oliver Beaumont, that there is a ‘minefield’ out there that you need to be made aware of.
Unfortunately, many businesses are being liquidated (if a company) or made bankrupt (if a partnership or sole trader) at present where the liquidators walk onto a building site, an office, a shop or into a factory or warehouse and ‘close up’ IMMEDIATELY.
If you are a manufacturer and provide stock to clients on ‘consignment’ prior to receiving payment, if you put down a deposit on an asset, but have yet to receive it, or if you lease out assets, and a liquidator walks in, they WILL SELL your equipment. The liquidator does not care who owns what. If it’s on the premises AT THE TIME, it will be sold by them and the takings will form part of the monies they collect to disperse to creditors.
Not nice, but this is happening more and more. So what can you do to protect your assets?
The Government has introduced PPSR, a register of assets on loan, owned by you, but are not in your possession. You register what it is, it’s worth and where it is.
This way, should a liquidator ‘walk in’, you have the right to receive what is yours. They cannot sell it.
Oliver has approached us with this dilemma and kindly offered to look at your existing terms and conditions, and PPSR registration procedures without charge. If he recommends that you need to redo terms or set up a PPSR registration system, then charges will apply.
If you are interested in taking up Oliver’s offer, please call 9726 9822 and ask for him. OR, please go to the website www.ppsr.gov.au for assistance and learn what this register is all about.
We recommend you act now to protect what is yours
We are all aware that we have to insure our Employees with Workcover, but if you employ Sub Contractors, you are also required to cover these workers for their labour.
Too many of us ‘assume’ that these Sub Contractors cover themselves with Income Protection Insurance, or that ‘other’ Employers will cover them for Workcover.
We have recently been advised that Workcover Inspectors will be diligently visiting sites all over Victoria enquiring who is ‘employing’ subcontractors to ensure that Employers have paid the appropriate Workcover insurance to protect these Sub Contractors.
Employers & Business Owners – Please ensure that you have sufficiently insured your Sub Contractors for the $ value of their earnings paid by you. It is imperative that you cover yourselves, not only in case you receive a ‘visit’, but, also, to protect your workers.
You may or may not be aware of the introduction of the Government’s new SINGLE TOUCH PAYROLL (STP) system. The system is now law and is compulsory for all employers.
The STP system applies from 1 July 2018 for employers with 20 or more employees and will change the way you report your employee’s payroll information to the ATO.
Single Touch Payroll will be expanded to include employers with 19 or less employees from 1 July 2019. This is subject to legislation being passed in parliament.
Under the STP system employers will be required to report all employees’ payroll and superannuation information directly to the ATO each and every time employees are paid.
The system is being put in place to ensure that all employers meet their obligations in relation to withholding tax from wages and making superannuation payments.
This process will be performed through your computer software payroll system. Your current payroll system provider should be able to assist you in updating your program to enable this to occur.
Unfortunately the ATO will only allow the reporting to be lodged electronically. At this stage, this means that if you do not currently use an electronic payroll program you will need to purchase one.
The following ATO links provide further details on the STP system.
Please contact us should you have any questions at this stage regarding the Single touch payroll system.