Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

PPS Register Benefits You; the Importance of the National Personal Properties Security Register to Businesses

Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

PPS Register Benefits You; the Importance of the National Personal Properties Security Register to Businesses

Article excerpt

Byline: COREY BEETON, COMMITTEE MEMBER

THE Personal Properties Security Register, or for short PPSR, is a national register that was introduced in 2012 and replaced a number of Commonwealth, State and Territory registers such as REVS and the ASIC company charges register.

The PPSR is particularly important for those of us in business or those who act as advisers to business owners and operators as it essentially covers all assets/goods with the exception of land and buildings.

The PPSR helps protect you against loss, register an interest in goods/assets and help make decisions or determine who to do business with based on the results.

You may no longer be able to solely rely upon your existing contracts, agreements or terms to be able to claim your goods back without an appropriate PPSR interest also registered particularly if others have also registered an interest on the company or business you are dealing with.

You need to ask yourself are you? ;

Wholesaling or selling on terms

Hiring, Renting or Leasing out

In the building, construction or earthmoving industry

Selling goods on consignment

Buying and selling valuable second hand goods

In the automotive services or supply industry

In Agriculture or Farming

Looking for finance or currently have finance for your business

If you have answered yes to any of the above questions the PPSR is relevant to you and worth seeking further information relevant to you own situation.

The risks of getting it wrong can be significant to your business.

If you provide goods on credit, retention of title is not enough. …

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