Document ID: chunk:federal_register_of_legislation:F2017L00726:body:0:p6
Version: federal_register_of_legislation:F2017L00726
Segment Type: other
Provision Reference: 
Character Range: 14219–17332

accounts and subsequently disbursed along with members' benefits to the member or beneficiary. Excludes: rollovers and successor fund transfers. Reference: SIS Regulations, Divisions 6.2 and 6.3; Superannuation Industry (Unclaimed Money and Lost Members) Act 1999, Part 4A.

Repatriation to employer sponsor  Represents where member benefits are paid back to employer sponsors that were originally received from employer sponsors either in the form of contributions or amounts associated with the redemption of fund assets. Excludes: amounts paid back to employer sponsors that relate to services provided, such as administrator fees. Reference: SIS Act, s. 117.

Superannuation activities

Item 3 to item 7 inclusive collect the income and expenses arising from superannuation activities of the sub-fund related to investments, administration and operations. Report income gross of any related expenses i.e. do not net investment expenses against investment income. Report expenses gross of any deductions or related rebates i.e. do not net related rebates against investment expenses. Where an RSE licensee has not determined an approach to apportioning the total value of income and expense to a sub-fund, the RSE licensee must use the minimum apportionment basis.

Minimum apportionment basis: Item 3 and item 5 must be reported by apportioning the total value of income or expense that was incurred during the reporting period, against the value of investments of the sub-fund as at the end of the reporting period. Item 6 and item 7 must be reported on this basis also if the corresponding administration fee or advice fee was charged on a percentage basis.

Item 4 must be reported by apportioning the total value of income that was incurred during the reporting period, against the number of member accounts of the sub-fund as at the end of the reporting period. Item 6 and item 7 must be reported on this basis also if the corresponding administration fee or advice fee was charged on a dollar basis.

Item 3                              Report investment income and gains/losses in item 3.

Investment income and gains/losses  Represents the total investment income from superannuation activities. Includes: investment income after impairment expense, gains/losses on investments and other investment income.

Item 4            Report operating income in item 4.

Operating income  Represents income sourced from miscellaneous operating activities. Includes: income from scrip lending; income associated with underwriting activities; fees and commissions; rebates on fees charged to members, costs, commissions and charges; and other miscellaneous income. Excludes: investment income.

Item 5               Report investment expenses in item 5.

Investment expenses  Represents expenses that relate to the investment of the assets of the entity. Includes: expenses for which investment fees are charged and expenses associated with generating income on investments.

Item 6                   Report administration expenses and operating expenses in item 6.

Administration expenses  Represents