Clifford Gouldson Lawyers

PPSA Change Effective From 1 October

Print Version

25/09/2015

Further to our alert in July (available here) regarding the change so that short leases of motor vehicles/’serial-numbered goods’ are not required to be registered, the Government has announced that the changes will take effect on 1 October 2015.
 
The change means registration of leases of serial-numbered equipment is not required to protect the equipment, unless the lease is:

  1. longer than 12 months; or
  2. open ended; or
  3. can be extended without both parties needing to agree. 
R
emember - the changes do not apply to hires which start before 1 October 2015. So, until that date, existing registrations must be maintained and the current procedure of registering hires which are longer than 90 days must continue. 

If you require further information regarding how the PPSA and this change might effect your business, please contact our Commercial + Property Team to obtain further advice.

Phone 07 4688 2188   www.cglaw.com.au

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