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ARTICLE · 07 MARCH 2017

PPSA update: New Bill introduced to extend PPS Lease from one year to two years

Cooper Grace Ward
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The Bill aims to significantly reduce the regulatory impact the PPSA is having on short term hire and rental businesses.

AustraliaFinance and Banking
Rocco Russo
Rocco Russo
Graham Roberts
Graham Roberts
Emma Allatt (Formerly With Cooper Grace Ward)
Emma Allatt (Formerly With Cooper Grace Ward)
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Important proposed amendments to the meaning of a 'PPS Lease' in the Personal Property Securities Act.

On 1 March 2017, the Federal Government introduced the Personal Property Securities Amendment (PPS Leases) Bill 2017 to:

  • amend section 13 of the Personal Property Securities Act 2009 (Cth) (PPSA) to extend the minimum duration of PPS Leases from more than one year to more than two years; and
  • provide that a lease of an indefinite term will not be deemed to be a PPS Lease unless and until it runs for a period of more than two years.

The purpose of the Bill is to significantly reduce the regulatory impact the PPSA is having on short term hire and rental businesses, particularly business that almost exclusively use indefinite term leases that usually run for less than a week. If the Bill is passed, section 13 will still operate to capture long term hire and rental leases.

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