The Personal Property Securities Amendment (PPS Leases) Bill 2017 (Cth) was passed by the Australian Parliament.
The Bill will commence operation the day after Royal Assent, which we expect to happen in the coming days.
This Bill amends the nature and duration of PPS leases and will mainly impact short-term hire and rental businesses, the majority of which are small-to-medium enterprises.
As the timeframe for communication will be short, we welcome your assistance to support communication of the change amongst your relevant industries and networks.
PPSR have published information on the PPSR website which you can re-use or reference in your messaging. They will be sending a Registrar’s blog, and plan to notify users upon commencement via announcements on the website and register.