SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 71B Exceptions--pre - 11 August 1999 leases and lease arrangements

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 71B

  (1)   If:

  (a)   at any time (the post - test time ) after the test time, an asset of a superannuation fund consists of an asset subject to a lease, or a lease arrangement, between a trustee of the fund and a related party of the fund; and

  (b)   the asset was subject to a lease or lease arrangement, or any uninterrupted sequence of leases and lease arrangements, between a trustee of the fund and a related party, throughout the period beginning immediately before the test time and ending at the post - test time; and

  (c)   apart from this section, the asset would be an in - house asset of the fund at the post - test time;

the asset is not an in - house asset of the fund at the post - test time.

  (2)   For the purposes of subsection   (1), if:

  (a)   before the test time, a lease or a lease arrangement enforceable by legal proceedings, in respect of an asset, was entered into between a trustee of a superannuation fund and a related party of the fund; and

  (b)   the lease or lease arrangement came into force after the test time;

the asset is taken to have been subject to a lease or a lease arrangement, between a trustee of the fund and that related party, immediately before the test time.