Superannuation Industry (Supervision) Regulations 1994

PART 13 - MISCELLANEOUS  

Division 13.3A - In-house assets of superannuation funds  

REGULATION 13.22C   ASSETS ACQUIRED AFTER COMMENCEMENT OF DIVISION 13.3A (ACT S 71)  

13.22C(1)    
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 on or after the commencement of this Division; and

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

13.22C(2)    
For subparagraph 71(1)(j)(ii) of the Act, the asset is not an in-house asset of the superannuation fund if, when the asset is acquired:

(a)    

the superannuation fund has no more than 6 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) an asset of a related party of the superannuation fund since the later of:

(A) the end of 11 August 1999; and

(B) the day 3 years before the day on which the fund first acquired an interest in the company or unit trust.

13.22C(3)    
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.