Superannuation Industry (Supervision) Regulations 1994

PART 13 - MISCELLANEOUS  

Division 13.3A - In-house assets of superannuation funds  

REGULATION 13.22B   ASSETS HELD AT COMMENCEMENT OF DIVISION 13.3A (ACT S 71)  

13.22B(1)   [Application]  

This regulation applies to an asset of a superannuation fund that:

(a) is an investment in a company or unit trust; and

(b) was acquired by the fund before the commencement of this Division; and

(c) is not affected by subregulation 13.22D(3) .

13.22B(2)   [When asset not in-house asset]  

For subparagraph 71(1)(j)(ii) of the Act, the asset is not an in-house asset of the superannuation fund if, when this Division commences:

(a) the superannuation fund has fewer than 5 members; and

(b) the company, or a trustee of the unit trust, is not a party to a lease with a related party of the superannuation fund, unless the lease relates to business real property; and

(c) the company, or a trustee of the unit trust, is not a party to a lease arrangement with a related party of the superannuation fund, unless the lease arrangement:

(i) is legally binding; and

(ii) relates to business real property; and

(d) the company, or a trustee of the unit trust, is not a party to a lease, or lease arrangement, with another party in relation to an asset that is the subject of another lease or lease arrangement between any party and a related party of the superannuation fund (unless the asset is business real property); and

(e) the company, or a trustee of the unit trust, does not have outstanding borrowings; and

(f) the assets of the company or unit trust do not include:

(i) an interest in another entity; or

(ii) a loan to another entity, unless the loan is a deposit with an authorised deposit-taking institution within the meaning of the Banking Act 1959 ; or

(iii) an asset over, or in relation to, which there is a charge; or

(iv) an asset that was acquired from a related party of the superannuation fund after 11 August 1999, unless the asset was business real property acquired at market value; or

(v) an asset that had been, at any time (unless it was business real property acquired by the company, or a trustee of the unit trust, at market value) in the period from the end of 11 August 1999 to the commencement of this Division, an asset of a related party of the superannuation fund.

13.22B(3)   [Things not included as asset]  

In subparagraphs (2)(f)(iv) and (v):

asset
does not include:

(a) money; or

(b) in relation to a company, a share in the company.