Superannuation Industry (Supervision) Act 1993

PART 8 - IN-HOUSE ASSET RULES APPLYING TO REGULATED SUPERANNUATION FUNDS  

Division 1 - Object and interpretation  

Subdivision E - Other provisions in relation to in-house assets  

SECTION 73   COST OF IN-HOUSE ASSET  

73(1)   [Arm ' s length value of asset]  

For the purposes of this Part, if:

(a) an asset of a superannuation fund was acquired:

(i) without consideration; or

(ii) for consideration other than the arm ' s length value of the asset when it was acquired; or

(b) the whole or a part of the consideration for which an asset of a superannuation fund was acquired was not money;

the cost of the asset is taken to be the arm ' s length value of the asset when it was acquired.

73(2)   [Definition]  

In this section:

arm ' s length value
, in relation to an asset, means the amount that the acquirer of the asset could reasonably be expected to have been required to pay to acquire the asset under a transaction where the parties to the transaction are dealing with each other at arm ' s length in relation to the transaction.