Assets which are registered under the Personal Property Securities Register (PPSR) began to expire from Wednesday 30 January 2019.
The PPSR is an online noticeboard where users can register security interests in personal property. Many business made registrations on the PPSR when the Personal Property Securities Act came into effect in 2012. Around 120,000 of these seven year registrations are set to expire.
Registrations can be extended beyond their initial seven year term, however, this renewal must come prior to a registration expiry. Any lapse in registration can pose a risk to your property should in the event of a bankruptcy or liquidation.
Many businesses will have had changes since their original PPSR registrations in 2012 so it is important to check the details, including company name, address and description of goods are all up to date prior to renewal.
You can review your registrations by logging into the PPSR and requesting a Registrations Due to Expire Report. This free report will list all registered property and their expiry dates. You can then chose to extend or renew your registrations as needed. Going forward, those with PPSR registrations will need to be mindful of expiry dates as renewal will now become a regular part of business administration.
For more information, visit the PPSR website or contact your Nexia Edwards Marshall NT Adviser today.
