In May 2017, there was a change to the legislation regarding PPS leases. For further information about this, please see PPS Lease change 2017.
For leases entered into on or after 20 May 2017
A lease or bailment for at least two years, or an indefinite period but not until the lessee’s or bailee’s possession extends for more than two years
For leases entered into before 20 May 2017
A lease or bailments for at least one year, an indefinite period, or a term of up to one year or an indefinite period where with the lessor’s or bailor’s consent, the lessee or bailee retained substantially uninterrupted possession of the property.
For more information see: Leases and Bailments