Corporations Regulations 2001

SCHEDULE 10 - DISCLOSURE OF FEES AND OTHER COSTS  

(regulations 7.9.16K , 7.9.16M and 7.9.16N )

PART 3 - FEES AND COSTS IN PERIODIC STATEMENTS  

Division 3 - Additional Explanation of Fees and Costs  

303   Matters to be included as additional explanation of fees and costs  

Superannuation products

303(1)    
The following information must be included in the periodic statement for a superannuation product under the heading " Additional Explanation of Fees and Costs " , if it has not been included in another part of the periodic statement:

(a) details of any activity fees, advice fees and insurance fees that were incurred by the member during the period;

(b) for a superannuation product that is subject to tax - whether the benefit of any tax deduction has been passed on to the investor in the form of a reduced fee or cost;

(c) a statement that if the account balance for a MySuper product or a choice product offered by the superannuation entity is less than $6,000 at the end of the entity ' s income year:

(i) the total combined amount of administration fees, investment fees and indirect costs charged in relation to the MySuper product or a choice product is capped at 3% of the account balance; and

(ii) any amount charged in excess of that cap must be refunded.

Collective investment products

303(2)    
The following information must be included in the periodic statement under the heading " Additional Explanation of Fees and Costs " , if it has not been included in another part of the periodic statement:

(a) details of incidental fees, such as cheque dishonour fees, that were incurred by the product holder during the period;

(b) details of any service fees that may have been incurred by the product holder;

(c) for a collective investment product that is subject to tax - whether the benefit of any tax deduction has been passed on to the investor in the form of a reduced fee or cost.