Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 66

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

   (a)  a member of the fund; or

   (b)  a relative of a member 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 member of the fund or a relative of such a member if:

   (a)  the asset is business real property of the member or relative, or a
        listed security; and

   (b)  the asset is acquired at market value; and

   (c)  if the asset is business real property-after the acquisition of the
        business real property, that property, together with any other
        business real property previously acquired from a member of the fund
        or a relative of such a member since this Act received the Royal
        Assent, would represent no more than the acceptable percentage of the
        total value of the assets of the fund. 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 the 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:

        (i)    a member of the fund; or

        (ii)   a relative of a member of the fund; and

   (b)  that aquisition would avoid the application of subsection (1) to the
        fund. Offence

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

(5) In this section:

"acceptable percentage" means:

   (a)  for an excluded superannuation fund-40%; and

   (b)  otherwise-0%;

"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" of a person means any freehold or leasehold interest
in real property which is used wholly and exclusively in the person's
business;

"listed security" means:

   (a)  a share; or

   (b)  a unit; or

   (c)  a bond or debenture; or

   (d)  a right or option; or

   (e)  any other security; listed for quotation in the official list of a
        stock exchange in Australia;

"relative" has the same meaning as in the Income Tax Assessment Act;

"scheme" means:

   (a)  any agreement, arrangement, understanding, promise or undertaking:

        (i)    whether express or implied; or

        (ii)   whether or not enforceable, or intended to be enforceable, by
               legal proceedings; and

   (b)  any scheme, plan, proposal, action, course of action or course of
        conduct, whether unilateral or otherwise.