Is your business:
- Selling goods on retention of title?
- Hiring, renting or leasing out goods?
- Buying or selling valuable second-hand goods or assets?
- Looking to raise finance using stock or other assets as collateral?
If yes, the Personal Property Securities Register (also known as the PPSR) can provide you with valuable legal protection and peace of mind.
Wording in a contract or invoice to state that title remains with a seller’s business until goods are paid for in full is NO LONGER enough to protect the seller.
On the PPSR, your business can register an interest in goods you haven’t yet been paid for. This will help you recover the debt and lessen the risk of losing the goods if the customer does not pay or becomes insolvent.
It’s just $3.40 to do a search and PPSR registrations start from $6.80.
‘Personal property’ refers to all forms of property other than land, buildings and fixtures. It can be new or second-hand.
Find out about:
See if the PPSR can benefit you! Watch some short introductory videos
Source: ATO Newsroom