Document ID: chunk:federal_register_of_legislation:C2025C00134:section:66:p1
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 66 (pt 1/3)
Character Range: 443925–446623

66  Acquisitions of certain assets from members of regulated superannuation funds prohibited

Prohibition
 (1) Subject to subsection (2), a trustee or an investment manager of a regulated superannuation fund must not intentionally acquire an asset from a related party of the fund.

Exception—acquisitions of business real property and listed securities
 (2) Subsection (1) does not prohibit a trustee or investment manager acquiring an asset from a related party of the fund if:
 (a) the asset is a listed security acquired at market value; or
 (b) if the fund is a superannuation fund with no more than 6 members—the asset is business real property of the related party acquired at market value; or
 (c) the trustee of a regulated superannuation fund acquired the asset under a merger between regulated superannuation funds; or
 (d) the asset is an asset of a kind which the Regulator, by legislative instrument, determines may be acquired by:
 (i) any fund; or
 (ii) a class of funds in which the fund is included.

Exception—certain in‑house assets
 (2A) Subsection (1) does not prohibit the acquisition of an asset by a trustee or investment manager of a superannuation fund from a related party of the fund if:
 (a) the acquisition of the asset constitutes an investment that:
 (i) is an in‑house asset of the fund within the meaning of subsection 71(1); or
 (ii) would be an in‑house asset of the fund within the meaning of subsection 71(1) apart from the operation of Subdivision D of Part 8; or
 (iii) is a life insurance policy issued by a life insurance company (other than a policy acquired from a member of the fund or from a relative of a member); or
 (iv) is referred to in paragraph 71(1)(b), (ba), (c), (d), (e), (f), (h) or (j); and
 (b) the asset is acquired at market value; and
 (c) the acquisition of the asset would not result in the level of in‑house assets of the superannuation fund exceeding the level permitted by Part 8.

Exception—breakdown of relationships

 (2B) Subsection (1) does not prohibit a trustee or investment manager acquiring an asset from a related party of the fund (the acquiring fund) if:
 (a) the asset is acquired:
 (i) for the benefit of a particular member of the acquiring fund; and
 (ii) from a trustee or investment manager of another regulated superannuation fund (the transferring fund); and
 (b) at the time of the acquisition:
 (i) the member and his or her spouse or former spouse are separated; and
 (ii) there is no reasonable likelihood of cohabitation being resumed; and
 (c) the acquisition occurs because of reasons directly connected with the breakdown of the relationship between the spouses or former spouses; and
 (d) the asset