EXPLANATORY STATEMENT
Issued by the authority of the Attorney-General
Personal Property Securities Amendment (Deregulatory Measures) Act 2015
Personal Property Securities Amendment (Deregulatory Measures) Commencement Proclamation 2015
Subsection 2(1) of the Personal Property Securities Amendment (Deregulatory Measures) Act 2015 provides that Schedule 1 commences on a day to be fixed by Proclamation.
The Act received the Royal Assent on 25 June 2015. All provisions of the Act, other than Schedule 1, commenced on 25 June 2015.
The purpose of the Proclamation is to fix 1 October 2015 as the day on which Schedule 1 to the Act commences.
The Act reduces the scope of application of the Personal Property Securities Act 2009 to certain leasing transactions, thereby reducing the regulatory compliance burden on many small businesses in the hire and rental industry. Schedule 1 to the Act repeals paragraph 13(1)(e), which deems leases of serial numbered goods such as motor vehicles, aircraft, watercraft and other items, for a fixed term from 90 days up to one year, to be ‘PPS leases’ for the purposes of the Act. This means that businesses which frequently use fixed term leases of serial numbered goods of 90 days or more will no longer need to record these transactions on the Personal Property Securities Register.
The Proclamation is a legislative instrument for the purposes of the Legislative Instruments Act 2003.
The Proclamation commences on the day following registration.
Authority: Subsection 2(1) of the Personal Property Securities Amendment (Deregulatory Measures) Act 2015