The PPSR is a new national online register providing information on the ownership of personal property such as motor vehicles, boats, aircraft, crops, cattle, livestock, artwork, equipment, stock-in-trade, patents, licences and much, much more (it doesn’t include land, buildings or fixtures).
It is imperative for all businesses to know that title to their personal property is no longer relevant under the personal property legislation. All businesses, suppliers, financiers, lessors and licensors are urged to look at the nature of their arrangements involving their personal property and register their interests on the PPSR.
When you register on the PPSR it lets others know that you have retained an interest in the goods you are supplying and if your customer doesn’t pay, or goes broke, then you will be in a better position to get your goods (or their value) back.
Here are just a few questions you should ask yourself to see if the PPSR relates to you and your business:
- Does my business buy, sell, lease or hire out personal property?
- Do I sell goods on credit where I still retain title until those goods are paid for in full?
- Do I have an arrangement for the storage or bailment of goods?
- Do I let anyone use my intellectual property?
- Do I sell goods on consignment?
- Is my business part of a group structure?
If you answered ‘yes’ to any question, then you should contact us to find out more about our PPSR services and how they can protect you and your business.