The Government has announced that the start date for the 2011-12 Budget measure to better target NFP tax concessions (which is really an Unrelated Business Income Tax / UBIT) has been deferred from 1 July 2011 to 1 July 2012.

However the intention is that it will still apply to new unrelated commercial activities that commenced after 7:30 pm (AEST) on 10 May 2011 (Budget Night 2011).

Charities still need to take extreme care about changes to existing unrelated commercial activities (as at Budget Night 2011) which may see a loss of transition time. We have written about this in our Legal Resource Centre.

Given that:

• Grantor details are not recorded for security interests in serial numbered consumer property (required to be registered by serial number which is not all serial numbered property);
• If grantor details are recorded, the PPSR is case sensitive;
• Migration from other registers (e.g. ASIC) has not been without technical issues;
• Until 29 January 2014 personal property may be subject to a transitional security interest (without registration on the PPSR),

a quick search of the PPSR may not be enough.

Read more in our Legal Resource Centre.