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Has a contravention of section 65 of the Superannuation Industry (Supervision) Act 1993 (SISA) occurred where the trustees have loaned money to a member?

Yes. A contravention of section 65 of the SISA has occurred.

The superannuation fund was established in 1993.

The superannuation fund loaned money to a member after 16 December 1985.

Section 65 of the SISA prohibits the trustee or the investment manager of a regulated superannuation fund from lending money of the fund to a member or a relative of a member.

The trustees of the fund have loaned money to a member and therefore have contravened section 65 of the SISA.

As the loan was made after 16 December 1985, the exception in subsection 65(2) of the SISA does not apply.