Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p15
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 39532–42789

(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 (b) of subclause 101A(4);

                (g) costs incurred in or by an interposed vehicle that would be transaction costs if they had been incurred by the superannuation entity to which the superannuation product or investment option relates or for the registered scheme or notified foreign passport fund to which the collective investment products relate;

                (ga) for a MySuper product or an investment option offered by a superannuation entity—transaction costs that are debited from reserves that, in a period, exceed amounts credited to reserves in that period that are also transaction costs;

            but does not include:

                (h) excluded transactional and operational costs; and

                (ha)   performance fees; and

                (i) costs that are otherwise charged as administration fees and costs, investment fees and costs or management fees and costs.

            (2)  Excluded transactional and operational costs means any of the following:

                (a) borrowing costs;

                (b) property operating costs;

                (c) unless the costs are indirect costs covered by sub-subparagraph 101A(3)(a)(ii)—implicit transaction costs or market impact costs

    103A Calculating transaction costs

            Despite clause 214, transaction costs for a product, option, interposed vehicle or derivative financial product disclosed in a Product Disclosure Statement that is available during a particular financial year is to be determined:

               (a) based on the transaction costs for the previous financial year; or

               (b) if the product or option was offered from at least 11 months before the end of the previous financial year but for less than a full financial year—based on the transaction costs for that period and adjusted, to reflect a 12 month period; or

               (c) if the product or option was not offered from at least 11 months before the end of the previous financial year and not first offered in the current financial year—based on the responsible person's reasonable estimate of the transaction costs for the current financial year at the time the Product Disclosure Statement is prepared; or

               (d) if the product or option was first offered in the current financial year—based on the responsible person's reasonable estimate of the transaction costs for the current financial year at the time the Product Disclosure Statement is prepared, adjusted to reflect a 12 month period.

    104 Calculating costs in administration fees and costs and investment fees and costs

            (1) Despite clause 214, the part of administration fees and costs and investment fees and costs for a MySuper product or an investment option offered by a superannuation entity disclosed in a Product Disclosure Statement that is available during a particular financial