Document ID: chunk:federal_register_of_legislation:F2023C00048:body:0:p2
Version: federal_register_of_legislation:F2023C00048
Segment Type: other
Provision Reference: 
Character Range: 2750–5693

include a rate of taxation.

       superannuation calculator means a facility, device, table or other thing that relates to a superannuation product or an RSA product.

           Note:    A superannuation calculator may relate to something else (whether or not a financial product) in addition to relating to a superannuation product or an RSA product (e.g. a superannuation calculator may also relate to the age pension).

       Part 2—Exemption

5 Exemption for providers of financial calculators
(1) A person who provides financial product advice through, or through making available, a financial calculator does not have to comply with:
           (a) the requirement in subsection 911A(1) of the Act to hold an Australian financial services licence covering the provision of that advice; and
           (b) where the person is a financial services licensee—Divisions 2, 3 and 4 of Part 7.7 of the Act in relation to that advice.
       (2)    The exemption in subsection (1) does not apply to a person if 30 days have elapsed since the person knew or was reckless with respect to whether there are reasonable grounds to believe that the person has failed, other than in an immaterial respect, to comply with a condition of this instrument without full particulars of the failure having been notified to ASIC (to the extent that the person knows those particulars or would have known them if they had undertaken reasonable enquiries).

6 Conditions
(1) A person who relies on the exemption in subsection 5(1) must take reasonable steps to ensure all of the following:
           (a) the financial calculator does not advertise or promote a specific financial product;
           (b) if the financial calculator is an electronic facility or device, the financial calculator:
              (i) enables the user to change any of the assumptions (the default assumptions) that are applied by the calculator in working out the estimate relating to a financial product other than a statutory assumption; and
Note:  The financial calculator does not have to involve the application of any statutory assumptions; but if it does, it may permit the user to change them.
              (ii) works out or enables the user to work out an estimate on the basis of the changed assumptions;
           (c) the default assumptions, including any statutory assumptions, applied by the financial calculator, unless changed by the user, are reasonable for the purposes of working out the estimate;
           (d) the financial calculator displays to the user in the ordinary course of its use or has printed on it all of the following:
              (i)  a clear and prominent statement about the purpose and limitations of the calculator;
              (ii) a clear and prominent explanation of the impact of any significant limitation of the calculator;
              (iii) a clear and prominent statement of the assumptions;
              (iv) where the