The Attorney General has confirmed that Personal Property Securities Fees will reduce from 1 July 2015: see Determination.
The fee changes include:
• Search of the Personal Property Securities Register: reduction from $4.00 to $3.40.
• Register a Financing Statement where the duration is 7 years or less: reduction from $8.00 to $6.80
• Register a Financing Statement where the duration is more than 7 years but less than or equal to 25 years: reduction from $40.00 to $34.00
• Register a Financing Statement for a not stated end time: reduction from $140.00 to $119.00
New definition of PPS leases
The Personal Property Securities Amendment (Deregulatory Measures) Bill 2014 has been passed by the House of Representatives and has been introduced to the Senate.
If passed, after a 6 month transition period the Bill will amend the Personal Property Securities Act 2009 so that a lease of serial numbered goods of 90 days or more but less than 12 months will no longer be required to be registered as PPS leases in order to preserve its priority. Accordingly PPS leases will consist only of leases of a term of more than 12 months or an indefinite term regardless of the type of goods leased.
