Document ID: chunk:federal_register_of_legislation:F2024C01249:clause:10_104
Version: federal_register_of_legislation:F2024C01249
Segment Type: clause
Provision Reference: sch 10 cl 104
Character Range: 2174025–2175768

104  Meaning of indirect cost ratio (ICR)
 (1) The indirect cost ratio (ICR), for a MySuper product or an investment option offered by a superannuation entity, is the ratio of the total of the indirect costs for the MySuper product or investment option, to the total average net assets of the superannuation entity attributed to the MySuper product or investment option.
Note: A fee deducted directly from a member's account is not included in the indirect cost ratio.
 (1A) The indirect cost ratio (ICR), for an investment option offered by a managed investment scheme, is the ratio of the management costs for the option that are not deducted directly from a product holder's account, to the total average net assets of the managed investment scheme that relates to the investment option.
Note: A fee deducted directly from a product holder's account is not included in the indirect cost ratio.
 (1B) For an investment option that is a sub‑fund of a retail CCIV, the indirect cost ratio (ICR) for the option is the ratio of the management costs for all securities referable to the sub‑fund that are not deducted directly from a product holder's account to the total average net assets of the sub‑fund.
Note: A fee deducted directly from a product holder's account is not included in the indirect cost ratio.
 (2) The ICR for a Product Disclosure Statement is to be determined for the financial year before the Product Disclosure Statement is issued.
 (3) The ICR for a periodic statement is to be determined over the latest reporting period.

Part 2—Fees and Costs Template, example of annual fees and costs and Consumer Advisory Warning for Product Disclosure Statements

Division 1—The fees and costs template for superannuation products