Superannuation Industry (Supervision) Act 1993

A person must not enter into, commence to carry out, or carry out, a scheme if the person entered into, commenced to carry out, or carried out the scheme or any part of the scheme with the intention that:

the scheme would result, or be likely to result, in an artificial reduction in the market value ratio of the fund’s in‑house assets; and

that artificial reduction would avoid the application of any provision of this Part to the fund.

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 being involved in a contravention of, that subsection.

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

In this section:

any agreement, arrangement, understanding, promise or undertaking:

whether express or implied; or

whether or not enforceable, or intended to be enforceable, by legal proceedings; and

any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.