Same-Sex Relationships (Equal Treatment in Commonwealth Laws - Superannuation) Act 2008 (134 of 2008)

Schedule 4   Treasury amendments

Part 1   Superannuation law

Superannuation Industry (Supervision) Act 1993

17   Transitional provision - in-house assets

(1) If:

(a) an asset of a superannuation fund consists of:

(i) a loan or an investment made before the day on which this Act receives the Royal Assent; or

(ii) a loan or an investment made after that day under a contract entered into before that day; or

(iii) an asset that becomes subject to a lease or a lease arrangement before that day; and

(b) apart from this item, the asset would be an in-house asset of the fund at any time after the commencement of this Schedule; and

(c) the asset would be an in-house asset of the fund only because of the amendments of the Superannuation Industry (Supervision) Act 1993 (the SIS Act ) made by this Schedule;

then, for the purposes of the operation of Part 8 of the SIS Act on or after the commencement of this Schedule, the asset is not an in-house asset of the fund.

(2) For the purposes of subparagraph (1)(a)(iii), if:

(a) a lease or a lease arrangement, enforceable by legal proceedings, in respect of an asset was entered into before the day on which this Act receives the Royal Assent; and

(b) the lease or lease arrangement came into force on or after that day;

the asset is taken to have become subject to the lease or lease arrangement before that day.