Superannuation Industry (Supervision) Regulations 1994

PART 4 - MANAGEMENT AND TRUSTEESHIP OF SUPERANNUATION ENTITIES  

Division 4.2 - Operating standards  

REGULATION 4.13   OPERATING STANDARD - LENDING TO MEMBERS OF AN APPROVED DEPOSIT FUND  

4.13(1)   [Applicable standards]  

For the purposes of subsection 32(1) of the Act, the standards stated in subregulations (2) and (3) are standards applicable to the operation of approved deposit funds.

4.13(2)   [Prohibited acts]  

The trustee of a fund must not:

(a) lend money of the fund to:

(i) a member of the fund; or

(ii) a relative of a member of the fund; or

(b) give any other financial assistance using the resources of the fund to:

(i) a member of the fund; or

(ii) a relative of a member of the fund.

4.13(3)   [Monitor actions of investment manager]  

The trustee of a fund must take all reasonable steps to ensure that the investment manager does not:

(a) lend money of the fund to:

(i) a member of the fund; or

(ii) a relative of a member of the fund; or

(b) give any other financial assistance using the resources of the fund to:

(i) a member of the fund; or

(ii) a relative of a member of the fund.

4.13(4)   [Definition]  

In this regulation:

member
, of a fund, includes the non-member spouse in relation to a superannuation interest in the fund that is subject to a payment split.

relative
has the same meaning as in the Income Tax Assessment Act.