he PPSR (Personal Property Securities Register) commenced in January 2012. Owners of personal property (this is any property other than land, building or fixtures) are able to register a charge over their property for a maximum of 7 year.
If you registered a 7 year charge on your personal property at the start of the register in January 2012 your charge will expire in January 2019. There are approximately 120,000 registrations that will require action prior to January 2019 to ensure they remain active.
We recommend that you check the expiry dates of your registered security interests. The PPSR have a free search tool available for you to check the expiry date of your registered interests:
https://www.ppsr.gov.au/how-get-your-registrations-due-expire-report
It is also important that you review your overall asset protection strategy with your commercial lawyer to ensure that all of your assets are appropriately protected.
We recommend that you speak with your commercial lawyer to seek further advice about your PPSR registrations and the overall protection of your assets. We work closely with several commercial lawyers. Please feel free to call us if you would like a referral to one of these lawyers to discuss your PPSR registrations.
DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,
Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.
