Document ID: chunk:federal_register_of_legislation:F2017L00728:body:0:p10
Version: federal_register_of_legislation:F2017L00728
Segment Type: other
Provision Reference: 
Character Range: 25406–28637

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.

Item 16                        Item 16 is a derived item. Report profit/loss before income tax in item 16 as the sum of investment income and gains/losses in item 10, operating income in item 11 and net flows from insurance activities in item 15 minus investment expenses in item 12, administration and operating expenses in item 13 and advice expenses in item 14.

Profit/loss before income tax  Represents total income less total expenses gross of any tax effects.

Item 17                      Report income tax expense/benefit in item 17.

Income tax expense/benefit   Represents income tax expense/benefit incurred, comprising the sum of current tax expense/income less tax benefits and tax expenses, and deferred tax expense/income. Includes: Capital gains tax on investment disposals, over/under provision for income tax in prior years to adjust prior year income tax provisions. Excludes: Contributions tax and contributions surcharge.

Item 18                       Item 18 is a derived item. Report profit/loss after income tax in item 18 as profit/loss before income tax in item 16 minus income tax expense/benefit in item 17.

Profit/loss after income tax  Represents total income less total expenses net of all tax effects.

Item 19                                                                          Report transfers into reserves affecting net assets available to pay members' benefits in item 19. Excludes: members' benefits flows into the SAF or SMADF already reported in item 1.

Transfers into reserves affecting net assets available to pay members' benefits  Represents the total value transferred into a reserve resulting in an increase in the net assets available to pay members' benefits. Includes: amounts transferred from the RSE licensee directly into a reserve held by the RSE.

Item 20                                                                            Report transfers out of reserves affecting net assets available to pay members' benefits in item 20. Excludes: members' benefits flows out of the SAF or SMADF already reported in item 2.

Transfers out of reserves affecting net assets available to pay members' benefits  Represents the total value transferred out of a reserve that results in a decrease in the net assets available to pay members'