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 71A   EXCEPTIONS - PRE-11 AUGUST 1999 INVESTMENTS AND LOANS  

71A(1)   [When assets not in-house assets 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:


(i) a loan or an investment made before the test time, or made after the test time under a contract entered into before the test time; or

(ii) a share or unit in a unit trust, if the share, or the unit, as the case requires, was acquired before the test time or under a contract entered into before the test time (notwithstanding any payments on the share or unit made to the issuer of the share or unit after the test time and before 1 July 2009); and


(b) if the asset was an asset of the fund immediately before the test time - it was not an in-house asset of the fund; and


(c) if the asset was not an asset of the fund immediately before the test time - it would not have been an in-house asset if it had been an asset of the fund immediately before the test time; and


(d) apart from this Subdivision, 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.

71A(2)   Payments on partly paid shares and units after 30 June 2009.  

However, if:


(a) the post-test time is after 30 June 2009; and


(b) the asset consists of a share or a unit in a unit trust; and


(c) one or more payments on the share or unit to the issuer of the share or unit has been made since 30 June 2009;

then:


(d) the asset is an in-house asset of the fund at the post-test time; and


(e) subsection (3) applies to the share or unit.

71A(3)   Reduced value for the purposes of working out value of in-house assets.  

For the purposes of working out the formula component Number of whole dollars in value of in-house assets of the fund under section 75 at the post-test time, the value of the share or unit at the post-test time is taken to be the number of whole dollars in the amount worked out as follows:


Market value of share or unit ×   Excess amount  
Total amount

where:

excess amount
means the total of the amounts that, as at the post-test time, had been paid after 30 June 2009 on the share or unit to the issuer of the share or unit.

market value of share or unit
means the market value of the share or unit as at the post-test time.

total amount
means the total of the amounts that, as at the post-test time had been paid (whether before or after 30 June 2009) on the share or unit to the issuer of the share or unit.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.