Tax Laws Amendment (2007 Measures No. 4) Act 2007 (143 of 2007)

Schedule 3   Investment by superannuation funds in instalment warrants

Superannuation Industry (Supervision) Act 1993

2   At the end of section 71

Add:

Limit on when investments in related trusts are in-house assets

(8) If, at a time:

(a) an asset (the investment asset ) of a superannuation fund is an investment in a related trust of the fund; and

(b) the related trust is one described in paragraph 67(4A)(b) in connection with a borrowing, by the trustee of the fund, that is covered by subsection 67(4A); and

(c) the only property of the related trust is the original asset or replacement described in that subsection;

the investment asset is an in-house asset of the fund at the time only if the original asset or replacement described in subsection 67(4A) would be an in-house asset of the fund if it were an asset of the fund at the time.

(9) Subsections (1), (2) and (4) have effect subject to subsection (8).