OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) 1993 NO. 189 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) 1993 NO. 189 - TABLE OF PROVISIONS 1. Amendment 2. New regulations 18BA and 18BB 1993 No. 189 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 1 1. Amendment 1.1 The Occupational Superannuation Standards Regulations are amended as set out in these Regulations. (NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s.48.) 1993 No. 189 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 2 2. New regulations 18BA and 18BB 2.1 After regulation 18B, insert in Division 1 of Part II: Standards: prohibition on giving financial assistance to members or their relatives "18BA. (1) For the purposes of subsection 7 (1) of the Act, the standard in subregulation (2) is prescribed. "(2) A superannuation fund must not give any financial assistance (other than lending) using resources of the fund to: (a) a member of the fund; or (b) a relative of a member of the fund. "(3) In this regulation: 'relative' has the same meaning as in the Income Tax Assessment Act 1936. Standards: prohibition on intentional acquisition of assets in specified circumstances "18BB. (1) For the purposes of subsection 7 (1) of the Act, the standards in subregulations (2) and (3) are prescribed. "(2) The trustees of a 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. "(3) If a person has entered into, commenced to carry out or carried out a scheme or any part of a scheme with the intention that: (a) the scheme would result, or be likely to result, in the acquisition of an asset by a superannuation fund, where the asset is acquired from a person who has a connection (either direct, or indirect through 1 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 acquisition would avoid the application of subregulation (2) to the fund; the trustees of the fund must not intentionally: (c) make that acquisition; or (d) do any act towards, or for the purpose of making, that acquisition. "(4) In this regulation: 'relative' has the same meaning as in the Income Tax Assessment Act 1936; '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.". - NOTES 1993 No. 189*1* OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS*2* (AMENDMENT) *1* Notified in the Commonwealth of Australia Gazette on 30 June 1993. *2* Statutory Rules 1987 No. 322 as amended by 1988 No. 255 (as amended by 1989 No. 281); 1989 Nos. 24, 281 and 356; 1990 Nos. 149, 150, 185, 202 and 275; 1991 Nos. 16, 58, 148, 150, 155 and 458; 1992 Nos. 192, 218, 223, 224, 387 and 463; 1993 Nos. 14, 33 and 149.