SUPERANNUATION (INVESTMENT) REGULATIONS
In force under the Superannuation Act 1976
- Reprinted as at 31 July 1983 (HISTREG CHAP 288 #DATE 31:07:1983)
*1* The Superannuation (Investment) Regulations (in force under the Superannuation Act 1976) as shown in this reprint comprise Statutory Rules 1976 No. 125 amended as indicated in the Tables below. Table of Statutory Rules ----------------------------------------------------------------------------- Date of Application, saving Year and notification Date of or transitional number in Gazette commencement provisions ----------------------------------------------------------------------------- 1976 No. 125 22 June 1976 1 July 1976 1979 No. 89 14 June 1979 14 June 1979 - 1980 No. 233 18 Aug 1980 18 Aug 1980 - ----------------------------------------------------------------------------- Table of Amendments ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted ----------------------------------------------------------------------------- Provision affected How affected ----------------------------------------------------------------------------- R. 3 . . . . . . . . am. 1980 No. 233 R. 6 . . . . . . . . am. 1979 No. 89; 1980 No. 233 SUPERANNUATION (INVESTMENT) REGULATIONS - TABLE OF PROVISIONS
TABLE
TABLE OF PROVISIONS
1. Citation
2. Commencement
3. Interpretation
4. Investment with a view to sub-division and resale prohibited
5. Report by qualified valuer to be obtained
6. Investment of moneys
SUPERANNUATION (INVESTMENT) REGULATIONS - REG 1
Citation
1. These Regulations may be cited as the Superannuation (Investment)
Regulations.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
SUPERANNUATION (INVESTMENT) REGULATIONS - REG 2
Commencement
2. These Regulations shall come into operation on 1 July 1976.
SUPERANNUATION (INVESTMENT) REGULATIONS - REG 3
Interpretation
3. (1) In these Regulations-
"bank" means-
(a) a bank as defined by sub-section 5 (1) of the Banking Act 1959; or
(b) a bank established by or under an Act of a State or the Northern
Territory;
"the Act" means the Superannuation Act 1976.
(2) A reference in these Regulations to a dealer in the short-term money
market shall be read as a reference to such a dealer approved by the Reserve
Bank as an authorized dealer in the short-term money market.
(3) A reference in paragraph 6 (b) to public securities shall be read as
including a reference to bills of exchange that have been accepted or endorsed
by a bank.
SUPERANNUATION (INVESTMENT) REGULATIONS - REG 4
Investment with a view to sub-division and resale prohibited
4. In the exercise of its powers under sub-section 42 (2) of the Act in
relation to the purchase by the Trust of an estate or interest in land, the
Trust shall not have regard to-
(a) the present or future suitability of the estate or interest for
sub-division and resale by the Trust or by a subsequent purchaser from
the Trust; or
(b) the estimated value of the estate or interest on sub-division
and resale.
SUPERANNUATION (INVESTMENT) REGULATIONS - REG 5
Report by qualified valuer to be obtained
5. The Trust shall not invest in an estate or interest in land without first
obtaining, and having regard to, a report on the value of the estate or
interest prepared by a qualified valuer.
SUPERANNUATION (INVESTMENT) REGULATIONS - REG 6
Investment of moneys
6. Moneys that, by virtue of sub-section 42 (1) of the Act, are required to
be invested by the Trust may be invested as follows, that is to say:
(a) in a deposit with a dealer in the short-term money market;
(b) in a buy-back transaction, being a transaction whereby, in
pursuance of an agreement between a person (including a body corporate)
and the Trust, the Trust-
(i) purchases certain public securities from the person at an
agreed price; and
(ii) subsequently sells those securities (including, where the
agreement so provides, securities substituted for any of those securities) to
that person at the end of an agreed period, at an agreed price and at an
agreed rate of interest;
(c) in a bill of exchange that has been accepted or endorsed by-
(i) a bank; or
(ii) a dealer in the short-term money market;
(d) in a loan to a body corporate for the purpose of enabling that
body corporate to make available, for housing loans to eligible
employees, an amount equal to the amount of that loan;
(e) in a negotiable certificate of deposit issued by a bank;
(f) in improving land in Australia in which the Trust, in the
exercise of its powers under sub-section 42 (2) of the Act, has
acquired an estate or interest;
(g) in a unit trust;
(h) in a leveraged lease transaction, being a transaction in which-
(i) the Trust, whether alone or in the company of others, lends
moneys to a lessor or lessors on a non-recourse basis to enable the lessor or
lessors to purchase property for leasing purposes; and
(ii) the security for the loan is the lessor's rights under the
lease, whether with or without any other security;
(j) in an interest, other than shares or debentures, whether issued by a
company or any other person, that entitles the Trust to an interest in
the assets, or a share in the profits, or both, of a financial or
business undertaking or scheme.
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