You may have never heard of the PPSR, or the Personal Property Securities Register, but if you are a business, especially a small one, it is recommended that sign up to it and register your personal property especially if you're in the building or construction industry, trading secondhand goods and selling goods on consignment... it could save you A LOT of money!
The register is great resource for you, as it provides a way to claim an interest in personal property, particularly in situations where the goods are no longer in your possession such tools or gear left on building sites during a construction jobs or when equipment is hired, rented or leased out.
If you remember the Cooper-Oxley construction site shutdown earlier this year, than you'll appreciate the importance of this service. Technically, workers that had left their gear on the work site had no entitlement over them, as there was no proof that it was not the chief contractors stuff. Workers scaling the fence and grabbing their tools may be liable for stealing. Registering your equipment with the PPSR means, even if a contractor does fold and a site does shutdown, you can prove that your personal goods that you left their, for whatever reason, is actually yours.
You can register almost anything from vehicles including cars, boats or aircraft to agriculture goods such as crops, cattle and other livestock. Smaller and portable equipment can also be registered, stock in trade, artwork, anything even secondhand gear. Even intangible property, such as patents, copyright, commercial (non government-issued) licenses, debts and bank accounts can be registered.
For more details consult the easy-to-follow PPSR business guide or look up Business Local Esperance and give them a call.
These aren't the only ways to protect your business either. Other safeguards include putting payment terms in place before providing credits to customers, understanding how you can recover debt for goods and services you've supplied and finding out how to choose the best and most reliable suppliers for your business.
Sean speaks to Shane Reilly from Business Local every Wednesday on Sean for Breakfast to discuss local and Australian business locals, relevant to YOUR small business!