Personal Properties Securities

Register

23 January 2012

The PPS Register will replace numerous State, Territory and Commonwealth electronic and paper registers. Existing information on these registers will be migrated to the PPS register.  Anyone will be able to register personal property on the PPS Register. Generally, the person who makes a ‘registration’ will be the secured party or its agent.  It will be possible to make entries on the PPS Register over the internet using a web browser.  The website contains many useful tools and tutorials and is worth a visit www.ppsr.gov.au .

Why the need for reform?

Currently there are over 70 Commonwealth, State and Territory Acts and security registers that regulate personal property securities and there are many different rules, duplication and competing priorities when dealing with security interests. The reform will replace over 40 registers into one single national register and it aims to reduce complexity within the existing laws, reduce legal disputes and apply some consistency by providing uniform rules for all security interest in personal property.

Transition

An existing security interest that was created prior to the commencement date and did not require registration, will be deemed to be effective for 24 months from the registration commencement time. However, if that existing security interest is not recorded within the timeframe, then it will be deemed to be an unperfected security interest after 24 months.  For all new security interests created from the commencement of the Act (on 30 Jan 2012), those details must be registered in order to perfect that security.

20 October 2009:

To find out more on how benchmarks can assist your business in meeting your tax obligations, visit the Tax Office website.