SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

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

Division 3 - Market value ratio of fund's in-house assets  

SECTION 82   ALL FUNDS - MARKET VALUE RATIO FOR THE 2000-2001 YEAR OF INCOME AND LATER YEARS OF INCOME  

82(1)   [Application of section]  

This section applies to a regulated superannuation fund.

82(2)   [Market value ratio exceeds 5%]  

If the market value ratio of the fund ' s in-house assets as at the end of:


(a) the fund ' s 2000-2001 year of income; or


(b) a later year of income;

exceeds 5%, the trustee of the fund, or, if the fund has a group of individual trustees, the trustees of the fund, must prepare a written plan.

82(3)   [Formula]  

The plan must specify the amount (the excess amount ) worked out using the formula:

graphic

82(4)   [Trustee ' s plan]  

The plan must set out the steps which the trustee proposes, or, if the fund has a group of individual trustees, the trustees propose, to take in order to ensure that:


(a) one or more of the fund ' s in-house assets held at the end of that year of income are disposed of during the next following year of income; and


(b) the value of the assets so disposed of is equal to or more than the excess amount.

82(5)   [Preparation of plan]  

The plan must be prepared before the end of the next following year of income.

82(6)   [Trustee ' s obligation]  

Each trustee of the fund must ensure that the steps in the plan are carried out.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.