Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p33
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 90129–93064

to tax—if a reduced fee or cost is disclosed in the statement because of the benefit of any income tax deduction, the fees and costs deducted from your investment for the product must include the part of the cost that reduced the disclosed fee or costs.

            (5) For a collective investment product that is subject to tax—if a reduced fee or cost is disclosed in the statement because of the benefit of any income tax deduction, the fees and costs deducted from your investments must include the part of the cost that reduced the disclosed fee or cost.

    Division 2—Total fees and costs

    302 Total of fees and costs in the periodic statement

            (1) The following text and the appropriate amounts, in dollars, must be displayed:

                (a) after the information in subclause 301(1) or (1A); or

                (b) in a summary part of the periodic statement.

        TOTAL FEES AND COSTS YOU PAID

        $[  ]

        This approximate amount includes all the fees and costs that affected your investment during the period.

            (2) The total fees and costs you paid are the total of all fees and costs disclosed in the periodic statement, including any fees detailed in paragraph 303(1)(a) or paragraphs 303(2)(a) and (b).

    Division 3—Additional Explanations of Fees and Costs

    303 Matters to be included as Additional Explanation of Fees and Costs

            Superannuation products

            (1) The following information must be included in the periodic statement for a superannuation product under the heading "Additional explanation of fees and costs", if it has not been included in another part of the periodic statement:

                (a) details of any activity fees, advice fees and insurance fees that were incurred by the member during the period; and

                (b) for a superannuation product that is subject to tax—whether the benefit of any tax deduction has been passed on to the investor in the form of a reduced fee or cost; and
                (c) a statement that if the account balance for a MySuper product or a choice product offered by the superannuation entity is less than $6,000 at the end of the entity's income year:
                    (i) certain fees and costs charged to you in relation to administration and investment for the MySuper product or a choice product are capped at 3% of the account balance; and
                    (ii) any amount charged in excess of that cap must be refunded.

            Collective investment products

            (2) The following information must be included in the periodic statement under the heading "Additional explanation of fees and costs", if it has not been included in another part of the periodic statement:

                (a) details of incidental fees, such as cheque dishonour fees, that were incurred by the product holder during the period;

                (b) details of any