Superannuation Legislation Amendment Act (No. 4) 1999 (199 of 1999)

Schedule 1  

13   After subsection 66(2)

Insert:

Exception - certain in-house assets

(2A) Subsection (1) does not prohibit the acquisition of an asset by the trustee or investment manager of a superannuation fund from a related party of the fund if:

(a) the acquisition of the asset constitutes an investment that:

(i) is an in-house asset of the fund within the meaning of subsection 71(1); or

(ii) would be an in-house asset of the fund within the meaning of subsection 71(1) apart from the operation of Subdivision D of Part 8; or

(iii) is a life insurance policy issued by a life insurance company (other than a policy acquired from a member of the fund or from a relative of a member); or

(iv) is referred to in paragraph 71(1)(b), (ba), (c), (d), (e), (f), (h) or (j); and

(b) the asset is acquired at market value; and

(c) the acquisition of the asset would not result in the level of in-house assets of the superannuation fund exceeding the level permitted by Part 8.

Disallowable instrument

(2B) A determination under paragraph (2)(d) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.