Superannuation Industry (Supervision) Act 1993

PART 8 - IN-HOUSE ASSET RULES APPLYING TO REGULATED SUPERANNUATION FUNDS  

Division 3 - Market value ratio of fund's in-house assets  

SECTION 82   ALL FUNDS - MARKET VALUE RATIO FOR THE 2000-2001 YEAR OF INCOME AND LATER YEARS OF INCOME  

82(1)   [Application of section]  

This section applies to a regulated superannuation fund.

82(2)   [Market value ratio exceeds 5%]  

If the market value ratio of the fund ' s in-house assets as at the end of:

(a) the fund ' s 2000-2001 year of income; or

(b) a later year of income;

exceeds 5%, the trustee of the fund, or, if the fund has a group of individual trustees, the trustees of the fund, must prepare a written plan.

82(3)   [Formula]  

The plan must specify the amount (the excess amount ) worked out using the formula:

82(4)   [Trustee ' s plan]  

The plan must set out the steps which the trustee proposes, or, if the fund has a group of individual trustees, the trustees propose, to take in order to ensure that:

(a) one or more of the fund ' s in-house assets held at the end of that year of income are disposed of during the next following year of income; and

(b) the value of the assets so disposed of is equal to or more than the excess amount.

82(5)   [Preparation of plan]  

The plan must be prepared before the end of the next following year of income.

82(6)   [Trustee ' s obligation]  

Each trustee of the fund must ensure that the steps in the plan are carried out.