Changes of Law for Zinc Recycling Companies

The government of Australia has set down a few rules for everyone in Victoria dealing with scrap.

The changes or new rules include:

• Prohibited from paying or receiving cash when they buy or sell scrap metal: Scrap dealers like zinc recycling companies should use either electronic funds transfer (excluding e-currency) or a cheque (not transferable or payable to cash).
• Retention of motor vehicle: The new regulations set would exempt a dealer from a seven-day exemption period in cases like:
• If the vehicle is more than 15 years old, it must be acquired only for demolishing or dismantling
• If the vehicle is 15 years or less, it must be entered on the written off vehicle registry.

Under the new laws, second-hand vehicles bought for dismantling and selling the parts do not come under a ban on cash-for-scrap. So dealers can make money for a catalytic converter.

The regulations that need particular details to be maintained for every transaction are:

• Details to be maintained while buying the scrap are:
• Accurate description, including its quantity and/or weight
• A vehicle identifier for a motor vehicle
• Name and other details of the seller
• Date and time of scrap metal received
• Copy of cheque or electronic transfer
• The name of a person acting on behalf of the scrap dealer

• Details required for selling the scrap are:
• Accurate description, including its quantity and/or weight
• A vehicle identifier for a motor vehicle
• Name and other details of the buyer
• Date, time method and location of disposal
• The name of the person acting on behalf of the scrap dealer
• If the scrap metal is removed from a shipping container, the details of the shipping company are needed.

Scrap dealers need not keep a record of each item bought in a lot.