Document ID: chunk:federal_register_of_legislation:F2017L00725:body:0:p14
Version: federal_register_of_legislation:F2017L00725
Segment Type: other
Provision Reference: 
Character Range: 38880–42542

whole or in part, by reference to the performance of an investment made by an investment manager on behalf of the RSE licensee of an RSE. Includes: accrued performance fees, past loss clawbacks in performance fees. Excludes: investment management base fees.

Custodian                                    Represents the person or entity that performs custodial functions in relation to any of the assets of the RSE. Reference: SIS Act, s. 10(1).

Investment consultant                        Represents a person engaged to provide investment advice. Includes: asset consultants and implemented consultants.

Service provider                             Represents an entity or individual that provides any type of service to the RSE licensee to assist or support the RSE licensee in carrying out its duties as an RSE licensee. Includes: accountant, administrator, asset consultant, custodian, financial advisor: employer, financial advisor: member, implemented consultant, professional indemnity insurer, internal auditor, investment manager, IT service provider, lawyer, platform provider, promoter, RSE actuary and RSE auditor.

Property maintenance expenses [ABS]  Represents all non-capitalised expenses relating to an investment in direct residential property. Includes: repairs and maintenance; ongoing running costs; property management fees. Excludes: acquisition, sale, stamp duty, valuation and legal costs; and other capitalised expenses.

Interest expenses [ABS]              Represents gross expenditure in the form of interest.

Item 10                                                        Report administration expenses in item 10.1. Report the portion of administration expenses reported in item 10.1 that is a result of member initiated activity in item 10.1.1.

                                                               Report advertising/marketing expenses in item 10.2, commissions expenses in item 10.3 and director/individual trustee expenses in item 10.4.

                                                               Report operating expenses associated with a service provider in item 10.5 excluding service provider expenses reported in item 9.5, item 10.1, item 10.2, item 10.3, item 10.4 or item 10.6.

                                                               Item 10.6 is a derived item. Report other operating expenses in item 10.6 as total administration expenses and operating expenses reported in item 10.7 minus the sum of administration expenses reported in item 10.1, advertising/marketing expenses reported in item 10.2, commissions expenses reported in item 10.3, director/individual trustee expenses reported in item 10.4 and operating expenses associated with service providers reported in item 10.5.

                                                               Report the portion of other operating expenses that are other management fees (excluding investment management) [ABS] in item 10.6.1 and the portion that are staff salary costs (RSE employees only) [ABS] in item 10.6.2.

                                                               Report details of other operating expenses on separate lines in item 10.6.3. Report the name of the operating expense in column 1 and the amount in column 2.

Administration expenses                                        Represents expenses that relate to the administration or operation of the fund. Includes: administration expenses for which administration fees are charged.  Report the total expense charged by an administrator where the administrator is also a service provider of activities other than administration e.g. custodial, and the expense