A registration for collateral that is commercial property must indicate whether or not the collateral includes inventory. Inventory in this context has its general meaning, not the specific meaning given to it by s10 of the Act.
To do this you check the box "the collateral is inventory" in step 2 of the registration process.
The check box indicates that the collateral is a “circulating asset”. The meaning of the term “circulating asset” is set out in section 340 to 341A of the Act. The concept of the circulating asset has significance under the Corporations Act 2001 (Cth).
The relevant classes for security interests in circulating assets include ‘accounts’, ‘inventory’, ‘all present and after-acquired property’ and ‘all present and after-acquired property, except...’.