While not a tax matter, it is worth noting that the Personal Property Securities Register (PPSR) commences operation on 30 January 2012. The register comes as part of the Personal Property Securities Act 2009, which brings the various state and territory laws into one national system.
Security interests can be registered on the PPS Register if they:
- are created by an agreement made in any state or territory of Australia, or
- relate to a corporation incorporated under Australian law.
These rules have been introduced to improve the transparency of any charges against personal property (e.g., cars, boats, machinery) being sold.
This will allow a purchaser of personal property to view a single register in order to determine if there are any charges on items of personal property they are about to purchase. Consumers and business operators can search the PPS Register when they need to know whether certain personal property has a security interestregistered against it.
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Last updated January 2012. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.