Commonwealth Numbered Regulations

1993 No. 323 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 4

4.1 Subregulation 18BB (2):
Omit "The trustees", substitute "Subject to subregulation (2A), the trustees".
4.2 After subregulation 18BB (2), insert: Exception-acquisitions of business
real property and listed security

(2A) Subregulation (2) does not prohibit a trustee from acquiring an asset
from a member of the fund or a relative of a member of the fund if:

   (a)  the asset is business real property of the member or relative, or a
        listed security; and

   (b)  the asset is acquired at market value; and

   (c)  where the asset is business real property-after the acquisition of the
        business real property, that property, together with any other
        business real property previously acquired from a member of the fund
        or a relative of a member since 30 November 1993, would represent not
        more than the acceptable percentage of the total value of the assets
        of the fund.".
4.3 Subregulation 18BB (4):
Insert the following definitions:

"'acceptable percentage' means:

   (a)  for an excluded superannuation fund-40%; and

   (b)  otherwise-0%;
'acquire an asset' does not include accept money;
'business' includes any profession, trade, employment, vocation or calling
carried on for the purposes of profit, including:

   (a)  the carrying on of primary production; and

   (b)  the provision of professional services; but does not include
        occupation as an employee;
'business real property' of a person means any freehold or leasehold interest
in real property which is used wholly and exclusively in the peron's business;
'excluded superannuation fund' means a superannuation fund of which there are
fewer than 5 members;
'listed security' means:

   (a)  a share; or

   (b)  a unit; or

   (c)  a bond or debenture; or

   (d)  a right or option; or

   (e)  any other security; listed for quotation in the official list of a
        stock exchange in Australia;".