Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p5
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 11075–13990

costs, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.

lifecycle MySuper product has the meaning given by regulation 7.9.07N.

lifecycle stage has the meaning given by regulation 7.9.07N.

management fees and costs has the meaning given by clause 102.

performance fee has the meaning given by clause 101C.

property operating costs means amounts that are paid or payable in relation to the holding of real property or an interest in real property.

responsible person means the person who, or on whose behalf, a Product Disclosure Statement for a financial product is required to be prepared.

service fees means advice fees, special request fees and switching fees.

special request fees includes fees paid or deducted from a product holder's collective investment product for a request made to the managed investment scheme.

            Example: This applies to a fee for a request for additional information from a managed investment scheme.

switching fee:

            (a) for a MySuper product—means a fee to recover the costs of switching all or part of a member's interest in a superannuation entity from one class of beneficial interest in the entity to another; or

            (b) for a superannuation product other than a MySuper product—means a fee to recover the costs of switching all or part of a member's interest in the superannuation entity from one investment option or product in the entity to another; or

            (c) for a collective investment product—means an amount paid or payable when a product holder transfers all or part of the product holder's interest in the collective investment product from one investment option to another.

transaction costs has the meaning given by clause 103(1).

withdrawal fee, for a collective investment product, means an amount, other than an exit fee, paid or payable in respect of:

            (a) a withdrawal; or

            (b) the disposal of an interest in a product.

    101A Indirect costs

            (1) Despite subsection 1013C(2) of the Act, the indirect cost of a MySuper product, an investment option offered within a superannuation product other than a MySuper product, a collective investment product or an investment option offered by a managed investment scheme, means any amount that:

                (a) either:

                   (i) a responsible person knows, or reasonably ought to know or, where this is not the case, may reasonably estimate has reduced or will reduce (as applicable) whether directly or indirectly the return on the product or option that is paid from or reduces the amount or value of:

                       (A) the income of or the property attributable to the product or option; or

                       (B) the income of or the property attributable to an interposed vehicle in or through which the property attributable to the product or option is