Commonwealth Consolidated Regulations

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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, w hen the asset is acquired:

                     (a)  the superannuation fund has fewer than 5 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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