Personal Property Securities Register — additional funding
|Related revenue ($m)|
|Insolvency and Trustee Service Australia||‑||2.0||3.0||3.0||‑|
|Related expense ($m)|
|Insolvency and Trustee Service Australia||‑||1.4||‑||‑||‑|
The Government will provide $7.9 million in 2011‑12 (including capital of $5.7 million) to finalise the implementation of the Personal Property Securities Register (PPSR).
The Council of Australian Governments agreed in February 2011 to delay the introduction of the PPSR until October 2011 in order to provide additional time for key industry stakeholders to transition to the new system. The additional funding will support the finalisation of the register and allow extended testing prior to commencement. The PPSR will replace existing state and territory based schemes with a national scheme.
The costs of this measure will be offset over three years from 2011‑12 through an increase to the existing cost recovery arrangements of the PPSR administered by the Insolvency and Trustee Service Australia, with cost recovery charges levied on users of the service, including those registering security interests and those searching the register.
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