The definition of a PPS Lease under the Personal Properties and Securities Act 2009 (Cth) has been amended in relation to short term leases. From 1 October 2015, leases and bailments of serial numbered goods for a term of between 90 days and one year are not PPS Leases and do not need to be registered in the Personal Properties Securities Register, unless they are "in substance" security interests securing payment or performance of an obligation. This amendment applies to lea