Document ID: chunk:federal_register_of_legislation:C2004A00588:clause:1_13
Version: federal_register_of_legislation:C2004A00588
Segment Type: clause
Provision Reference: sch 1 cl 13
Character Range: 4548–5690

13  After subsection 66(2)
Insert:

Exception—certain in‑house assets

 (2A) Subsection (1) does not prohibit the acquisition of an asset by the 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.

Disallowable instrument

 (2B) A determination under paragraph (2)(d) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.