Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p32
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 87212–90346

the beginning of the "Fees and other costs" section of the Product Disclosure Statement.

            (2) The Consumer Advisory Warning referred to in subclause 221(2) (collective investment products) must be located at the beginning of the "Fees and other costs" section of the Product Disclosure Statement where fees or costs may be deducted from amounts to be held for members of the managed investment scheme.

    Part 3—Fees and costs in periodic statements

    Division 1—Fees and costs

    301 Amounts deducted and other amounts

            (1) For a MySuper product or an investment option offered by a superannuation entity, the following text and the appropriate amounts, in dollars, must be inserted after the part of the periodic statement that itemises transactions during the period under the heading "Fees and costs summary".

             Fees deducted directly from your account

             $[  ]

             This amount has been deducted directly from your account (reflected in the transactions listed on this statement).

             Fees and costs deducted from your investment

             $[  ]

             This approximate amount has been deducted from your investment and covers amounts that have reduced the return on your investment and that are not reflected as transactions listed on this statement or in the Additional explanation of fees and costs.

            (1A) For a collective investment product, the following text and the appropriate amounts, in dollars, must be inserted after the part of the periodic statement that itemises transactions during the period under the heading "Fees and costs summary".

             Fees deducted directly from your account

             $[  ]

             This amount has been deducted directly from your account (reflected in the transactions listed on this statement).

             Fees and costs deducted from your investment

             $[  ]

             This approximate amount has been deducted from your investment and covers amounts that have reduced the return on your investment and that are not reflected as transactions listed on this statement or in the Additional explanation of fees and costs.

            (2) The amount:

                (a) deducted directly from an account is the total of the amounts of fees deducted shown on the transaction list in the periodic statement; and

                (b) deducted from the investment is the apportioned amount of fees and costs for the product or option that are not:

                    (i) excluded transactional and operational costs;

                    (ii) reflected in paragraph (a); and

                    (iii) reflected in paragraph 303(1)(a) or paragraphs 303(2)(a) and (b).

            (3) The amounts in subclauses (1) and (1A) must be shown as a single total amount in dollars.

            (4) For a superannuation product that is subject to tax—if a reduced fee or cost is disclosed in the statement because of the benefit of any income tax deduction, the fees and costs deducted from your investment for the product must include the part of the cost that