Document ID: chunk:federal_register_of_legislation:C2015C00151:clause:1_31
Version: federal_register_of_legislation:C2015C00151
Segment Type: clause
Provision Reference: sch 1 cl 31
Character Range: 20995–22942

31  Subsection 29V(7)
Repeal the subsection, substitute:
 (7) A fee is an activity fee if:
 (a) the fee relates to costs incurred by the trustee, or the trustees, of a superannuation entity that are directly related to an activity of the trustee, or the trustees:
 (i) that is engaged in at the request, or with the consent, of a member; or
 (ii) that relates to a member and is required by law; and
 (b) those costs are not otherwise charged as an administration fee, an investment fee, a buy‑sell spread, a switching fee, an exit fee, an advice fee or an insurance fee.
 (8) A fee is an advice fee if:
 (a) the fee relates directly to costs incurred by the trustee, or the trustees, of a superannuation entity because of the provision of financial product advice to a member by:
 (i) a trustee of the entity; or
 (ii) another person acting as an employee of, or under an arrangement with, a trustee or trustees of the entity; and
 (b) those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or an insurance fee.
 (9) A fee is an insurance fee if:
 (a) the fee relates directly to either or both of the following:
 (i) insurance premiums paid by the trustee, or the trustees, of a superannuation entity in relation to a member or members of the entity;
 (ii) costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the provision of insurance for a member or members of the entity; and
 (b) the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk; and
 (c) the premiums and costs to which the fee relates are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or an advice fee.