From today, certain short-term leases of serial numbered goods will no longer be deemed security interests under the Personal Property Securities Act (PPSA) 90 day lease rule. The Australian Financial Security Authority have confirmed that the repeal section of 13(1)(e) of the PPSA will come into effect from 1 October 2015.

Businesses should review existing policies and processes in relation to registering 'PPS leases' over goods described by serial number, and make appropriate changes to their policies.