The Federal Attorney-General introduced the Personal Property Securities (Registration Commencement) Bill 2011 today. The Bill amends the definitions of migration time and registration commencement time so that the Attorney- General may determine 'another time' for each. Whilst the Act already provides for the determination of those times to be earlier than the date currently stated by the Act (latest date for migration 1 January 2012 and for registration commencement 1 February 2012 ) the Bill will allow for a later determination of those times in the event that the system is not ready for implementation by those dates.
The Attorney-General's department confirms they are still working towards registration commencement on the 30 January 2012 at this stage. If the Bill is passed it will leave the door open for a later date if user acceptance testing is not satisfactorily completed before then.
We will bring you further updates as soon as we become aware of them.
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