PPS leases amendment to commence on 1 October

The Australian Financial Security Authority has announced that commencement of the Personal Property Securities Amendment (Deregulatory Measures) Act 2015 changing the scope of PPS leases is expected on 1 October 2015.

UPDATE: Personal Property Securities Amendment (Deregulatory Measures) Commencement Proclamation 2015

The amendment will mean that leases of serial numbered goods such as motor vehicles, aircraft, watercraft and other items, will no longer require registration as Personal Property Securities leases if they have a fixed term between 90 days and one year.

After commencement, a lease is deemed to be subject to PPS laws where it has a fixed term of more than 12 months or an indefinite term.


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