Superannuation Industry (Supervision) Regulations 1994
[ CCH Note: Pt 4 is to have effect, in relation to regulated superannuation funds, and their trustees, as if it were modified by inserting reg 4.08A - see Modification Declaration No 10 under reg 4.08A .]
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
4.13(3) [Monitor actions of investment manager]
(ii) a relative of a member of the fund.
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
4.13(4) [Definition]
(ii) a relative of a member of the fund.
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.
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relative
has the same meaning as in the Income Tax Assessment Act.
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