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Practical problems caused by the Personal Property Security Act (PPSA) paper

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Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

Published on 25 Mar 13 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

From 30 January 2012 the Personal Property Security Act 2009 (Cth) (‘PPS Act’) fundamentally alters the operation of the law relating to non-land security interests and affects related transactions. It affects all of your clients who have non-land assets or any security interests.

It is a national regime which provides for the registration of security interests over personal property and the provisions significantly impact on the operation of general commercial and contract law principles. The PPS Act captures commercial transactions which would previously not have been treated as registerable security arrangements – such as retention of title arrangements and commercial consignments.

As a result, it is essential that advisers who are involved with commercial transactions understand the scope and reach of the PPS Act.

This paper considers the fundamentals of the PPS Act, such as the concepts of ‘security interests’, ‘attachment’, ‘perfection’ and ‘purchase money security interests’. Regard is also given to the practical implications of the PPS Act in the context of some common commercial transactions and arrangements.

Author profile

Michael Bennett CTA
Michael Bennett, CTA, is barrister practicing from 13 Wentworth Chambers in Sydney. He practices in the following areas, tax planning (including Superannuation, Estate Planning and Structuring), Federal and State Tax litigation, General Equity & Commercial litigation, Bankruptcy, and Insolvency litigation. Before coming to the Bar, Michael was a solicitor in two boutique SME tax and commercial practices. He was a Judges Associate before that. Michael has lectured in tax law and is a Chartered Tax Advisor. - Current at 23 January 2026
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