Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p14
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 36344–39895

in place;

                (d) where a product, option or interposed vehicle or part was first offered in the current financial year—calculate the average by reference to the responsible person's reasonable estimate of the performance fee for the current financial year adjusted to reflect a 12 month period.

                Note: In the Fees and Costs Summary, the performance fees:

                   (a) in relation to superannuation products—must be included in the "Investment fees and costs" line item; and

                   (b) in relation to collective investment products—must be specified in the "Performance fees" line item.

            (4) For the purposes of calculating the performance fees for a periodic statement, include the performance fees that accrued in relation to:

                (a) the product or option or part of such product or option; and

                (b) any interposed vehicles referable to that product or option or part of such product or option,

            for the reporting period to which the statement relates.

    102 Management fees and costs

            (1) Management fees and costs, for a collective investment product, means any of the following:

                (a) an amount payable for administering the managed investment scheme;

                (b) for a custodial arrangement—the cost involved, or amount paid or payable, for gaining access to, or participating in, the arrangement;

                (c) distribution costs;

                (d) other expenses and reimbursements in relation to the managed investment scheme;

                (e) amounts paid or payable for investing in the assets of the managed investment scheme;

                (f) amounts deducted from a common fund by way of fees, costs, charges or expenses, including:

                    (i) amounts retrieved by an external fund manager or a product issuer; and

                    (ii) amounts deducted from returns before allocation to the fund;

                (g) any other investment‑related expenses and reimbursements, including any associated with custodial arrangements; and

                (h) indirect costs.

            (2) The following fees and costs are not management fees and costs for a collective investment product:

                (a) a contribution fee;

                (b) transaction costs other than those costs under subclause 101A(3);

                (ba) excluded transactional and operational costs;

                (c) an additional service fee;

                (d) an establishment fee;

                (e) a switching fee;

                (f) an exit fee;

                (g) a withdrawal fee;

                (ga) performance fees;

                (h) costs related to a specific asset or activity to produce income that an investor would incur if the investor invested directly in the asset (other than costs related to a security or interest in an interposed vehicle or derivative financial product within the meaning of subclause 101A(3A)); and

                (i) incidental fees.

    103 Transaction costs

            (1) Transaction costs include any of the following:

                (a) brokerage;

                (b) buy-sell spread;

                (c) settlement costs (including custody costs);

                (d) clearing costs;

                (e) stamp duty on an investment transaction;

                (f) for a collective investment product—the costs in relation to the derivative financial products that satisfy paragraphs (a) or