Document ID: chunk:federal_register_of_legislation:C2004A00588:clause:1_71b
Version: federal_register_of_legislation:C2004A00588
Segment Type: clause
Provision Reference: sch 1 cl 71B
Character Range: 22220–23475

71B  Exceptions—pre‑11 August 1999 leases and lease arrangements

 (1) 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 the 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 the 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.

 (2) 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 the 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 the trustee of the fund and that related party, immediately before the test time.