Superannuation Legislation Amendment Act 1999 (38 of 1999)

Schedule 2   Amendment of the Superannuation Industry (Supervision) Act 1993

Part 1   Amendments commencing on date of Assent

7   Section 72

Repeal the section, substitute:

72 How this Part applies if there are 2 or more employer-sponsors of whom at least one is an unrelated employer-sponsor

(1) For the purposes of this section:

(a) a standard employer-sponsor (the first employer-sponsor ) of a superannuation fund is an unrelated employer-sponsor of the fund if, and only if, there is no other standard employer-sponsor of the fund who is an associate of the first employer-sponsor; and

(b) 2 or more standard employer-sponsors of a superannuation fund are related to each other if they are associates.

(2) For the purposes of this section:

(a) the class of the in-house assets of a fund that corresponds to a particular unrelated employer-sponsor is the class of in-house assets that consists of loans to, or investments in, the employer-sponsor or an associate of the employer-sponsor; and

(b) the class of the in-house assets of a fund that corresponds to 2 or more employer-sponsors who are related to each other is the class of in-house assets that consists of loans to, or investments in, any of them or any associates of any of them.

(3) Subsections (4) and (5) apply if:

(a) there are 2 or more unrelated employer-sponsors of a superannuation fund (whether or not there are also any employer-sponsors of the fund who are related to each other); or

(b) there are 2 or more employer-sponsors of a superannuation fund who are related to each other and there are also one or more unrelated employer-sponsors of the fund.

(4) This Part does not apply in relation to the fund in relation to the in-house assets of the fund as a whole.

(5) However:

(a) this Part applies in relation to the fund separately in relation to each of the corresponding classes of in-house assets of the fund; and

(b) for the purposes of this Part as so applying in relation to each of the corresponding classes of in-house assets of the fund, that corresponding class of in-house assets is to be treated as the whole of the in-house assets of the fund.