Commonwealth Consolidated Acts

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In - house asset rules must be complied with

  (1)   Each trustee of a regulated superannuation fund must take all reasonable steps to ensure that the provisions of Division   2, and either Division   3 or 3A (whichever is applicable), are complied with.

Note:   Section   166 imposes an administrative penalty for a contravention of subsection   (1) in relation to a self managed superannuation fund.

  (2)   Subsection   (1) is a civil penalty provision as defined by section   193, and Part   21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, that subsection.

  (3)   A contravention of subsection   (1) does not affect the validity of a transaction.

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