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Changes to the personal property register-南京夜网

2018-04-16 20:44字体:
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"Under the new system the supplier of the goods will have a purchase money security interest".A new system relating to registering personal property commenced from 30 January 2012. Under this system businesses can protect ownership of their stock and goods in the event of a customer defaulting. Conversely small business owners unaware of the changes could find they have no protection if a customer goes into liquidation or bankruptcy.A national system called the Personal Property Securities Register (PPSR) centralised the many state security registers, such as those dealing with vehicle security, and the commonwealth register of company charges. A business that provides goods on credit terms or on assignment can protect their ownership by also registering a charge on the PPSR.Before the introduction of the new system businesses had to rely on what became known as a Romalpa Clause in a contract. This clause stated that title of goods supplied did not transfer to the purchaser until payment in full had been received.The problem with these clauses was when goods were supplied that became fixed to a property they changed their nature and were no longer classed as personal property. The owner of the property could refuse access and sell the goods to reduce any debt owed to them.Under the new system the supplier of the goods will have a purchase money security interest. Where the supplier of the goods has an agreement in writing stating they have an interest in the goods until full payment has been made this can be registered on the PPSR.A charge can be registered by signing on at www.ppsr.gov.au and first setting up as a customer. When setting up as a customer you can either apply to have an account if you will be registering a lot of charges, or you can opt to pay as you go for each registration.Once the account has been set up you can then register an interest you have in goods supplied to a customer. As a part of this registration process you need to pick what class your goods are and provide a description of them. Registration of an interest costs $7.40.Because the registered charge lasts for seven years, and the registration of an interest relates to goods in general supplied to the customer, you will not need to register each separate purchase by the customer. After registration a verification statement is sent showing details of the registration.By registering an interest on the PPSR your debt will have a priority over other secured debts that are even older, such as a bank's blanket charge over all of the assets of a company. By not registering an interest on the PPSR will mean any amounts owed to you will rank with other unsecured creditors.It will be important to get the wording of your agreement with customers right. These can include a terms of trade agreement that customers sign or it could be included on an invoice. The important thing will be to get proper advice as to what this wording should be.Questions on small business tax or other issues can be emailed to business@taxbiz南京夜网.au Tax for small business, a survival guide, by Max Newnham is available in bookstores. This story Administrator ready to work first appeared on Nanjing Night Net.
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