Superannuation Industry (Supervision) Act 1993
PART 8
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IN-HOUSE ASSET RULES APPLYING TO REGULATED SUPERANNUATION FUNDS
Division 1
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Object and interpretation
Subdivision D
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Transitional arrangements in relation to in-house assets
SECTION 71C
EXCEPTIONS
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TRANSITION PERIOD
71C(1)
Investments and loans.
(a) at any time (the pre - 1 July 2001 time ) during the period after the test time but before 1 July 2001, an asset of a superannuation fund consists of a loan or an investment made during the transition period, other than under a contract entered into before the beginning of that period; and
(b) if the asset had been an asset of the fund immediately before the test time - the asset would not have been an in-house asset of the fund; and
(c) apart from this section, the asset would be an in-house asset of the fund at the pre-1 July 2001 time;
(a) at any time (the pre - 1 July 2001 time ) during the period after the test time but before 1 July 2001, an asset of a superannuation fund consists of an asset subject to a lease, or a lease arrangement, between a trustee of the fund and a related party of the fund; and
(b) section 71B does not apply to the asset at the pre-1 July 2001 time; and
(c) the asset became subject to a lease or lease arrangement between a trustee of the fund and a related party at a time (the transition time ) during the transition period; and
(d) the asset was subject to a lease or a lease arrangement, or any uninterrupted sequence of leases and lease arrangements, between a trustee of the fund and a related party, throughout the period beginning at the transition time and ending at the pre-1 July 2001 time; and
(e) apart from this section, the asset would be an in-house asset of the fund at the post-test time;
View history note
Hide history note(a) at any time (the pre - 1 July 2001 time ) during the period after the test time but before 1 July 2001, an asset of a superannuation fund consists of a loan or an investment made during the transition period, other than under a contract entered into before the beginning of that period; and
(b) if the asset had been an asset of the fund immediately before the test time - the asset would not have been an in-house asset of the fund; and
(c) apart from this section, the asset would be an in-house asset of the fund at the pre-1 July 2001 time;
the asset is not an in-house asset of the fund at the pre-1 July 2001 time. For this purpose, a loan or an investment is not made during the transition period merely because a contract is entered into during that period for the purpose of gaining interest, income, profit or gain.
71C(2) Leases and lease arrangements.(a) at any time (the pre - 1 July 2001 time ) during the period after the test time but before 1 July 2001, an asset of a superannuation fund consists of an asset subject to a lease, or a lease arrangement, between a trustee of the fund and a related party of the fund; and
(b) section 71B does not apply to the asset at the pre-1 July 2001 time; and
(c) the asset became subject to a lease or lease arrangement between a trustee of the fund and a related party at a time (the transition time ) during the transition period; and
(d) the asset was subject to a lease or a lease arrangement, or any uninterrupted sequence of leases and lease arrangements, between a trustee of the fund and a related party, throughout the period beginning at the transition time and ending at the pre-1 July 2001 time; and
(e) apart from this section, the asset would be an in-house asset of the fund at the post-test time;
the asset is not an in-house asset of the fund at the pre-1 July 2001 time.
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