Superannuation Industry (Supervision) Act 1993

PART 7 - PROVISIONS APPLYING ONLY TO REGULATED SUPERANNUATION FUNDS  

SECTION 67B   LIMITED RECOURSE BORROWING ARRANGEMENTS - REPLACEMENT ASSETS  

67B(1)    
Subsection (2) applies to:

(a) a reference in paragraph 67A(1)(b) , (c) , (d) , (e) or (f) to an acquirable asset (the original asset ); or

(b) a reference in subsection 71(8) to an acquirable asset (the original asset ) mentioned in paragraph 67A(1)(b) ;

(including a reference resulting from a previous application of subsection (2) of this section).

67B(2)    
Treat the reference as being a reference to another single acquirable asset (the replacement asset ) if:

(a) the replacement asset replaces the original asset; and

(b) subsection (3), (4), (5), (6), (7) or (8) applies.

67B(3)    
This subsection applies if:

(a) the original asset consists of:

(i) a share in a company, or a collection of shares in a company; or

(ii) a unit in a unit trust, or a collection of units in a unit trust; and

(b) the replacement asset consists of:

(i) a share in that company, or a collection of shares in that company; or

(ii) a unit in that unit trust, or a collection of units in that unit trust; and

(c) at the time the replacement occurs, the original asset and the replacement asset have the same market value.

67B(4)    
This subsection applies if:

(a) the original asset consists of an instalment receipt that confers a beneficial interest in:

(i) a share in a company; or

(ii) a collection of shares in a company; and

(b) the replacement asset consists of that share or collection.

67B(5)    
This subsection applies if:

(a) the original asset consists of:

(i) a share in a company, or a collection of shares in a company; or

(ii) a unit in a unit trust, or a collection of units in a unit trust; and

(b) the replacement asset consists of:

(i) a share in another company, or a collection of shares in another company; or

(ii) a unit in another unit trust, or a collection of units in another unit trust; and

(c) the replacement occurs as a result of a takeover, merger, demerger or restructure of the company or unit trust mentioned in paragraph (a).

67B(6)    
This subsection applies if:

(a) the original asset consists of a share in a company, or a collection of shares in a company; and

(b) the replacement asset consists of a stapled security, or a collection of stapled securities; and

(c) each of those stapled securities consists of a single share, or a single collection of shares of the same class, stapled together with a single unit, or a single collection of units of the same class, in a unit trust; and

(d) the replacement occurs under a scheme of arrangement of the company.

67B(7)    
This subsection applies if:

(a) the original asset consists of a unit in a unit trust, or a collection of units in a unit trust; and

(b) the replacement asset consists of a unit in that unit trust, or a collection of units in that unit trust; and

(c) the replacement occurs as a result of an exercise of a discretion granted under the trust deed of that unit trust to the trustee of that unit trust.

67B(8)    
This subsection applies in the circumstances (if any) prescribed by the regulations for the purposes of this subsection.