Document ID: chunk:federal_register_of_legislation:F2017L00726:body:0:p7
Version: federal_register_of_legislation:F2017L00726
Segment Type: other
Provision Reference: 
Character Range: 17029–20316

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 expenses that relate to the administration or operation of the fund. Includes: administration expenses for which administration fees are charged.  Report the total expense charged by an administrator where the administrator is also a service provider of activities other than administration e.g. custodial, and the expense is not segregated by activity type.

Operating expenses       Represents expenses that relate to the operation of the fund by the RSE licensee. Includes: operating expenses for which administration fees are charged, such as expenses relating to advertising/marketing, commissions, director/individual trustee expenses, operating expenses associated with service provider and other operating expenses. Excludes: administration expenses.

Item 7           Report advice expenses in item 7.

Advice expenses  Represents expenses that relate to the provision of financial product advice to a member. Includes: expenses for which activity fees relating to provision of financial product are charged.

Insurance activities

Item 8 collects information arising from insurance activities of the sub-fund.

Item 8                      Item 8 is a derived item. Report net flows from insurance activities in item 8 as the total of insurance related inflows reported in item 8.1 minus the total of insurance related outflows reported in item 8.2 for both acquired insurance and self-insurance arrangements of the sub-fund.

Insurance related inflows   Represents inflows sourced from insurance activities. Includes: insurance claim benefits or proceeds credited to member accounts, reinsurance benefits, rebate income received on premiums charged, fee rebates received against insurance fees charged to members and changes in insurance liabilities or reinsurance assets.

Insurance related outflows  Represents outflows incurred through insurance activities. Includes: premiums debited from member accounts, reinsurance premiums charged, expenses incurred for insurance claims and changes in insurance liabilities or reinsurance assets.

Acquired insurance          Represents insurance acquired by an RSE licensee from a life company registered, or taken to be registered, under s. 21 of the Life Insurance Act 1995 or a general insurance company or Lloyd's underwriter authorised, or taken to be authorised, under the Insurance Act 1973 (an insurer), in accordance with Prudential Standard SPS 250 Insurance in Superannuation.

Self-insurance              Represents insurance offered under an RSE licensee's self-insurance arrangements, in accordance with Prudential Standard SPS 250 Insurance in Superannuation.

Profit/Loss

Item 9 to item 11 inclusive collect the profit/loss before and after income tax of the sub-fund.

Item 9                         Item 9 is a derived item. Report profit/loss before income tax in item 9 as the sum of investment income and gains/losses in item 3,  operating income in item 4 and net flows from insurance activities