Superannuation Industry (Supervision) Regulations 1994

PART 13 - MISCELLANEOUS  

Division 13.3A - In-house assets of superannuation funds  

REGULATION 13.22C   ASSETS ACQUIRED AFTER COMMENCEMENT OF DIVISION 13.3A (ACT S 71)  

13.22C(1)    
This regulation applies to an asset of a superannuation fund that:

(a)    is an investment in a company or unit trust; and

(b)    was acquired by the fund on or after the commencement of this Division; and

(c)    is not affected by subregulation 13.22D(3) .

13.22C(2)    
For subparagraph 71(1)(j)(ii) of the Act, the asset is not an in-house asset of the superannuation fund if, when the asset is acquired:

(a)    

the superannuation fund has no more than 6 members; and

(b)    the company, or a trustee of the unit trust, is not a party to a lease with a related party of the superannuation fund, unless the lease relates to business real property; and

(c)    the company, or a trustee of the unit trust, is not a party to a lease arrangement with a related party of the superannuation fund, unless the lease arrangement:


(i) is legally binding; and

(ii) relates to business real property; and

(d)    the company, or a trustee of the unit trust, is not a party to a lease, or lease arrangement, with another party in relation to an asset that is the subject of another lease or lease arrangement between any party and a related party of the superannuation fund (unless the asset is business real property); and

(e)    the company, or a trustee of the unit trust, does not have outstanding borrowings; and

(f)    the assets of the company or unit trust do not include:


(i) an interest in another entity; or

(ii) a loan to another entity, unless the loan is a deposit with an authorised deposit-taking institution within the meaning of the Banking Act 1959 ; or

(iii) an asset over, or in relation to, which there is a charge; or

(iv) an asset that was acquired from a related party of the superannuation fund after 11 August 1999, unless the asset was business real property acquired at market value; or

(v) an asset that had been at any time (unless it was business real property acquired by the company, or a trustee of the unit trust, at market value) an asset of a related party of the superannuation fund since the later of:

(A) the end of 11 August 1999; and

(B) the day 3 years before the day on which the fund first acquired an interest in the company or unit trust.

13.22C(3)    
In subparagraphs (2)(f)(iv) and (v) :

asset
does not include:


(a) money; or


(b) in relation to a company, a share in the company.



 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.