Leases of serial numbered goods of 90 days or more will no longer be deemed to be personal property securities leases, under the terms of a bill to amend the Personal Property Securities Act that was tabled in parliament yesterday.The government said it was amending the PPSA to minimise the need for small and medium equipment hire businesses to register leases with terms of less than 12 months.The PPSA established the Personal Property Securities Register, which is a national register of property with security interests (such as personal loans or mortgages). More than 40 state and territory registries migrated their records to the PPSR when it commenced in 2012.Leasing is a grey area. The government's view is that short-term leases are unlikely to meet the definition of a security interest. As lease terms become longer and they approximate the useful life of the leased property, they are increasingly likely to be viewed as security interests.Under the current law, a lease with a term of more than 12 months is deemed to be a "PPS lease" with security interests. Leases with an indefinite term are also PPS leases.Leases with terms of less than 12 months but where the lease has an option to renew, or the lessee remains in possession of the goods after the lease expires, are also deemed PPS leases.Leases of more mobile items of property, such as cars, boats and aircraft (known as serial numbered goods) are PPS leases if the lease is for 90 days or more.A significant proportion of the goods leased by small and medium equipment hire businesses are serial numbered goods (the bulk are motor vehicles).The deeming rules are designed to give certainty for lenders who might be deciding whether to lend to a person in possession of goods and who want to know if they can take an interest in the goods, or whether another party already has an interest.However, the deeming and registration rules, in situations where a business is leasing multiple goods to a customer, can be confusing, complex and administratively burdensome.The government said that repeal of the rule requiring registration of leases of serial numbered goods for a term of 90 days or more, would result in significant savings for business and would not compromise the value of the PPSR as a record of interests in personal property.