Federal Govt Delay on PPSA Lease Amendment Continues
The Federal Government introduced a Bill to Parliament on 19 March 2014, amending the PPSA so that businesses will only need to register leases of all types of equipment which are for 12 months or longer (rather than the current 90 days for serial-numbered equipment).
However, the Bill (Personal Property Securities Amendment (Deregulatory Measures) Bill 2014) has not passed prior to the parliamentary Christmas break. We will have to wait and see what 2015 brings. The amendment will mean significant changes for the equipment hire business - see our alert here from earlier this year.
A statutory review of the PPSA legislation was also commenced in April 2014 and is currently underway, focusing on the Act’s impact on small business. Further amendments to the PPSA may arise from this review in due course.
If you have questions or concerns about the impact of the PPSA legislation on your business please contact Director, Amanda Tolson for more information.