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ARTICLE · 09 MARCH 2013

PPSA and SMSFs - Is your SMSF protected?

Cooper Grace Ward
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For SMSF trustees, failure to take appropriate PPSA action could subject the fund to non-compliance and other penalties.

AustraliaFinance and Banking
Greg Cahill
Greg Cahill
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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:

  • lease goods to other entities (including collectibles such as artwork, boats, jewellery etc.)
  • enter into hire purchase agreements with SMSF assets

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