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SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 13.22C Assets acquired after commencement of Division 13.3A (Act s 71)

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 13.22C

Assets acquired after commencement of Division 13.3A (Act s 71)

  (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).

  (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.

  (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.

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