Document ID: chunk:federal_register_of_legislation:C2025C00134:section:66:p2
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 66 (pt 2/3)
Character Range: 446360–449031

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 represents the whole, or a part, of either:
 (i) the member's own interests in the transferring fund; or
 (ii) the member's entitlements as determined under Part VIIIB or VIIIC of the Family Law Act 1975 in relation to the interests of the member's spouse, or former spouse, in the transferring fund.
 (2C) For the purposes of subsection (2B), the question whether the spouses, or former spouses, have separated is to be determined in the same way as it is for the purposes of section 48 of the Family Law Act 1975 (as affected by sections 49 and 50 of that Act).

Prohibition of avoidance schemes
 (3) A person must not enter into, commence to carry out, or carry out a scheme if the person entered into, commenced to carry out, or carried out the scheme or any part of the scheme with the intention that:
 (a) the scheme would result, or be likely to result, in the acquisition of an asset by a trustee or an investment manager of a regulated superannuation fund, where the asset is acquired from a person who has a connection (either direct or indirect through one or more interposed companies, partnerships or trusts) with a related party of the fund; and
 (b) that acquisition would avoid the application of subsection (1) to the fund.

Offence
 (4) A person who contravenes subsection (1) or (3) commits an offence punishable on conviction by imprisonment for a term not exceeding 1 year.

Definitions
 (5) In this section:
acquire an asset does not include accept money.
business includes any profession, trade, employment, vocation or calling carried on for the purposes of profit, including:
 (a) the carrying on of primary production; and
 (b) the provision of professional services;
but does not include occupation as an employee.
business real property, in relation to an entity, means:
 (a) any freehold or leasehold interest of the entity in real property; or
 (b) any interest of the entity in Crown land, other than a leasehold interest, being an interest that is capable of assignment or transfer; or
 (c) if another class of interest in relation to real property is prescribed by the regulations for the purposes of this paragraph—any interest belonging to that class that is held by the entity;
where the real property is used wholly and exclusively in one or more businesses (whether carried on by the entity or not), but does not include any interest held in the capacity of beneficiary