SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

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

Division 1 - Object and interpretation  

Subdivision D - Transitional arrangements in relation to in-house assets  

SECTION 71B   EXCEPTIONS - PRE-11 AUGUST 1999 LEASES AND LEASE ARRANGEMENTS  

71B(1)   [Not an in-house asset at post-test time]  

If:


(a) at any time (the post - test time ) after the test time, an asset of a superannuation fund consists of an asset subject to a lease, or a lease arrangement, between a trustee of the fund and a related party of the fund; and


(b) the asset was subject to a lease or lease arrangement, or any uninterrupted sequence of leases and lease arrangements, between a trustee of the fund and a related party, throughout the period beginning immediately before the test time and ending at the post-test time; and


(c) apart from this section, the asset would be an in-house asset of the fund at the post-test time;

the asset is not an in-house asset of the fund at the post-test time.

71B(2)   [Lease and lease arrangements]  

For the purposes of subsection (1), if:


(a) before the test time, a lease or a lease arrangement enforceable by legal proceedings, in respect of an asset, was entered into between a trustee of a superannuation fund and a related party of the fund; and


(b) the lease or lease arrangement came into force after the test time;

the asset is taken to have been subject to a lease or a lease arrangement, between a trustee of the fund and that related party, immediately before the test time.




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