Superannuation Industry (Supervision) Amendment Act 2010 (Cth)

Superannuation Industry (Supervision) Amendment Act 2010

No. 100, 2010

An Act to amend the Superannuation Industry (Supervision) Act 1993, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Limited recourse borrowing arrangements Superannuation Industry (Supervision) Act 1993

Superannuation Industry (Supervision) Amendment Act 2010 No. 100, 2010

An Act to amend the Superannuation Industry (Supervision) Act 1993, and for related purposes

[Assented to 6 July 2010]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Superannuation Industry (Supervision) Amendment Act 2010.

2 Commencement This Act commences on the day after this Act receives the Royal Assent.

3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Limited recourse borrowing arrangements

Superannuation Industry (Supervision) Act 1993

1 Subsection 10(1) Insert: acquirable asset has the meaning given by section 67A.

2 Subsection 10(1) (paragraph (a) of the definition of excluded instalment trust) Omit "(within the meaning of subsection 66(5))".

3 Subsection 10(1) Insert: instalment receipt means an investment under which: (a) a listed security is held in a trust until the purchase price of the security is fully paid; and (b) the security, and property derived from the security, is the only trust property.

4 Subsection 10(1) Insert: listed security has the meaning given by subsection 66(5).

5 Subsection 67(1) After "this section", insert "and section 67A".

6 At the end of subsection 67(1) Add: Note: Section 67A contains an exception for certain limited recourse borrowing arrangements.