The key word is “similar”.

For example, if you wish to claim “super priority” for your PMSI security interest in Australia, you must specifically register as a PMSI in addition to complying with the timeline requirements under the Act.

The Act’s registration process allows a secured party to register an “all present and after acquired property” security interest against the proceeds of personal property as part of the registration of the primary security interest in such personal property.  In New Zealand accepted market practice is to separately register such a security interest in proceeds in order to protect a secured party’s rights in whatever form of personal property such proceeds may be.

The categories of goods required to be registered by serial number are different from the equivalent New Zealand ones, and depend on whether the property is commercial or consumer.  For instance serial number identification is mandatory for a security interest in a consumer motor vehicle but not compulsory for a commercial motor vehicle.

If the Act is relevant to your business dealings in Australia, you should seek the appropriate Australian legal advice.  kplegal is happy to assist in this regard.

This means that you can gift the balance of the debt due from your trust to you without attracting any gift duty.  Previously you can only gift up to $27,000.00 per year “duty free”.

There may be reasons why you do not wish to gift the entire balance.  For example, as a beneficiary of the trust, you may want to be able to draw money out from the trust from time to time in reduction of any debt due, without the need for any distribution.

You should also be aware of other issues affecting any gifting such as creditor protection or matrimonial property laws.   For older clients, the level of gifting can affect eligibility for WINZ subsidies for residential care.

You should still record any gift that you make to your trust by deed as there is no consideration involved.  However there is now no need to file gift statements with the Inland Revenue Department as they no longer have any interest in gifts or their quantum.