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 72   HOW THIS PART APPLIES IF THERE ARE 2 OR MORE EMPLOYER-SPONSORS OF WHOM AT LEAST ONE IS AN UNRELATED EMPLOYER-SPONSOR  

72(1)   [Unrelated or related]  

For the purposes of this section:


(a) a standard employer-sponsor (the first employer-sponsor ) of a superannuation fund is an unrelated employer-sponsor of the fund if, and only if, there is no other standard employer-sponsor of the fund who is a Part 8 associate of the first employer-sponsor; and


(b) 2 or more standard employer-sponsors of a superannuation fund are related to each other if they are Part 8 associates.

72(2)   [Corresponding classes of in-house assets]  

For the purposes of this section:


(a) the class of the in-house assets of a fund that corresponds to a particular unrelated employer-sponsor is the class of in-house assets that consists of:


(i) loans to, investments in, or assets subject to leases or lease arrangements with, the employer-sponsor or a Part 8 associate of the employer-sponsor; or

(ii) loans to, investments in, or assets subject to leases or lease arrangements with, a standard employer-sponsored member of the fund, in respect of whom the employer-sponsor contributes to the fund, or a Part 8 associate of such a member; or

(iii) investments in a trust that is controlled by an entity referred to in subparagraph (i) or (ii); and


(b) the class of the in-house assets of a fund that corresponds to 2 or more employer-sponsors who are related to each other is the class of in-house assets that consists of:


(i) loans to, investments in, or assets subject to leases or lease arrangements with, any of them or a Part 8 associate of any of them; or

(ii) loans to, investments in, or assets subject to leases or lease arrangements with, a standard employer-sponsored member of the fund, in respect of whom any of them contributes to the fund, or a Part 8 associate of such a member; or

(iii) investments in a trust that is controlled by an entity referred to in subparagraph (i) or (ii).

72(3)   [Two or more employer-sponsors]  

Subsections (4) and (5) apply if:


(a) there are 2 or more unrelated employer-sponsors of a superannuation fund (whether or not there are also any employer-sponsors of the fund who are related to each other); or


(b) there are 2 or more employer-sponsors of a superannuation fund who are related to each other and there are also one or more unrelated employer-sponsors of the fund.

72(4)   [In-house assets of fund as a whole]  

This Part does not apply in relation to the fund in relation to the in-house assets of the fund as a whole.

72(5)   [Corresponding classes of in-house assets]  

However, this Part applies in relation to the fund separately in relation to each of the corresponding classes of in-house assets of the fund.

72(6)   [Self managed superannuation funds]  

This section does not apply to a self managed superannuation fund.




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