Superannuation Industry (Supervision) In-house Asset Determination — Intermediary Limited Recourse Borrowing Arrangement Determination 2020 (Cth)

Legislative Instrument

Superannuation Industry (Supervision) In-house Asset Determination — Intermediary Limited Recourse Borrowing Arrangement Determination 2020

I, Louise Clarke, Deputy Commissioner of Taxation, Policy, Analysis and Legislation, Law Design and Practice, make this determination under paragraph 71(1)(f) of the Superannuation Industry (Supervision) Act 1993.

Louise Clarke Deputy Commissioner of Taxation Policy, Analysis and Legislation Law Design and Practice Date of making: 4/05/2020

1. Name of instrument This determination is the Superannuation Industry (Supervision) In-house Asset Determination — Intermediary Limited Recourse Borrowing Arrangement Determination 2020.

2. Commencement This instrument commences on 24 September 2007.

3. Application This instrument applies to the trustee(s) of a self managed superannuation fund (fund) who has entered into the Intermediary Limited Recourse Borrowing Arrangement (Intermediary LRBA) (as defined in 5(b) below).

4. Determination For the purposes of paragraph 71(1)(f) of the Superannuation Industry (Supervision) Act 1993, if at a time:

(a) an asset (the investment asset) of a fund is an investment in a related trust of the fund; and

(b) the related trust is one described in paragraph 67A(1)(b) in connection with the Intermediary LRBA under which the trustee of the fund is maintaining a borrowing that is covered by subsection 67A(1); and

(c) the only property of the related trust is the acquirable asset mentioned in paragraph 67A(1)(b);

the investment asset is not an in-house asset of the fund at the time unless the acquirable asset mentioned in paragraph 67A(1)(b) would be an in-house asset of the fund if it were an asset of the fund at the time.