Document ID: chunk:federal_register_of_legislation:C2004A05169:clause:3_1
Version: federal_register_of_legislation:C2004A05169
Segment Type: clause
Provision Reference: sch 3 cl 1
Character Range: 9050–9712

1  After subsection 67(2)
Insert:
 (2A) Subsection (1) does not prohibit the trustee of a regulated superannuation fund from borrowing money if:
 (a) the purpose of the borrowing is to enable the trustee to make a payment of surcharge or advance instalment which the trustee is required to make under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 and which, apart from the borrowing, the trustee would not be able to make; and
 (b) the period of the borrowing does not exceed 90 days; and
 (c) if the borrowing were to take place, the total amount borrowed by the trustee would not exceed 10% of the value of the assets of the fund.