Section 66 of Superannuation Industry (Supervision) Act 1993 (SISA) prohibits the acquisition of assets from related parties. However the following transactions are exceptions to this rule:
The 5% rule
Provided that the asset is acquired at market value and that the value of the in-house asset is less than 5% (refer to Section 66 2A of SISA). Should the market value ratio exceed 5% then refer to Section 82 of SISA.
Listed securities
Provided that the securities are exchanged at market value - Section 66 (2A), SISA. This exemption will be withdrawn as of 1 July 2012.Business real property
Acquiring business real property form a related entity at market value is also specifically excluded Section 66 (2) (b), SISA.
Superannuation fund mergers
S 66 (2) (c) provides an exemption where the asset acquired is done under a merger between regulated superannuation funds.
Where the Australian Taxation Office (ATO) provides a written determination allowing the acquisition
S 66 (2) (d) provides an exemption when the Regulator being the ATO for SMSF determines that an asset may be acquired.
In the event of a marriage (relationship) breakdown
S 66 (2B) b, provides an exemption where the asset acquired from a related party is as a result of separated spouses and that there is no likelihood of cohabitation being resumed.
