Document ID: chunk:federal_register_of_legislation:F2017L00727:body:0:p8
Version: federal_register_of_legislation:F2017L00727
Segment Type: other
Provision Reference: 
Character Range: 19756–22907

is a derived item. Report net flows from insurance activities in item 8 as the total of insurance related inflows reported in item 8.1 minus the total of insurance related outflows reported in item 8.2 for both acquired insurance and self-insurance arrangements of the MySuper product.

Insurance related inflows   Represents inflows sourced from insurance activities. Includes: insurance claim benefits or proceeds credited to member accounts, reinsurance benefits, rebate income received on premiums charged, fee rebates received against insurance fees charged to members and changes in insurance liabilities or reinsurance assets.

Insurance related outflows  Represents outflows incurred through insurance activities. Includes: premiums debited from member accounts, reinsurance premiums charged, expenses incurred for insurance claims and changes in insurance liabilities or reinsurance assets.

Acquired insurance          Represents insurance acquired by an RSE licensee from a life company registered, or taken to be registered, under s. 21 of the Life Insurance Act 1995 or a general insurance company or Lloyd's underwriter authorised, or taken to be authorised, under the Insurance Act 1973 (an insurer), in accordance with Prudential Standard SPS 250 Insurance in Superannuation.

Self-insurance              Represents insurance offered under an RSE licensee's self-insurance arrangements, in accordance with Prudential Standard SPS 250 Insurance in Superannuation.

Profit/Loss

Item 9 to item 11 inclusive collect the profit/loss before and after income tax of the MySuper product.

Item 9                         Item 9 in a derived item. Report profit/loss before income tax in item 9 as the sum of investment income and gains/losses reported in item 3, operating income reported in item 4 and net flows from insurance activities reported in item 8 minus the sum of investment expenses reported in item 5, administration expenses and operating expenses reported in item 6 and advice expenses reported in item 7.

Profit/loss before income tax  Represents total income less total expenses gross of any tax effects.

Item 10                      Report income tax expense/benefit in item 10.

Income tax expense/benefit   Represents income tax expense/benefit incurred, comprising the sum of current tax expense/income less tax benefits and tax expenses, and deferred tax expense/income. Includes: Capital gains tax on investment disposals, over/under provision for income tax in prior years to adjust prior year income tax provisions. Excludes: Contributions tax and contributions surcharge.

Item 11                       Item 11 is a derived item. Report profit/loss after income tax in item 11 as profit/loss before income tax reported in item 9 minus income tax expense/benefit reported in item 10.

Profit/loss after income tax  Represents total income less total expenses net of all tax effects.

Transfers of reserves

Item 12 and item 13 collect reserve movements that impact the net assets available to pay members' benefits of a MySuper product. Excludes: Members benefits into the RSE already reported in item 1