Document ID: chunk:federal_register_of_legislation:F2017L00725:body:0:p15
Version: federal_register_of_legislation:F2017L00725
Segment Type: other
Provision Reference: 
Character Range: 42263–45912

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 is not segregated by activity type.

Member initiated activity                                      Represents an activity that is engaged in at the request, or with the consent, of a member. Excludes:  an activity that relates to a member and is required by law.

Advertising/ marketing                                         Represents activities associated with the promotion or delivery of goods or services, brand or entity. Includes: promotion and sponsorship activities.

Commissions                                                    Represents compensation for the facilitation of a transaction, such as buying or selling a particular product. Includes: commissions to brokers, agents, advisers, salespersons.

Director/ individual trustee expenses                          Represents compensation to a director for services provided in carrying out the functions of a director, including but not limited to non-compliance related consulting or administration services. Excludes: amounts paid to a director for reimbursement of expenses, professional indemnity insurance costs; commissions collected for payment to a third party.

Operating expenses                                             Represents expenses that relate to the operation of the fund by the RSE licensee. Includes: operating expenses for which administration fees are charged, such as expenses relating to advertising/marketing, commissions, director/individual trustee expenses, operating expenses associated with service provider and other operating expenses. Excludes: administration expenses.

Other management fees (excluding investment management) [ABS]  Represents any other fees paid/payable by the RSE for management services provided to the RSE, excluding investment management and advice expenses.

                                                               Excludes: investment management fees; investment consultant fees; custodian fees; administration fees; commissions; director/individual trustee expenses; advice expenses.

Staff salary costs (RSE employees only) [ABS]                  Represents employee costs such as salaries for direct employees of the RSE.

                                                               Includes: wages and salaries including provisions for employee entitlements, workers' compensation premiums/costs, fringe benefits tax, payroll tax, salary sacrificed earnings paid on behalf of employees.

                                                               Excludes: Pay As You Go withholding tax.

Item 11            Report advice expenses in item 11.

                   Report the portion of advice expenses reported in item 11 that is a result of intrafund advice in item 11.1.

Advice expenses    Represents expenses that relate to the provision of financial product advice to a member. Includes: expenses for which activity fees relating to provision of financial product are charged.

Intrafund advice   Represents financial product advice to members within the meaning given in s. 99F of the SIS Act.

Item 12  Item 12 is a derived item. Report the net flows from superannuation activities in item 12 as investment income and gains/losses reported in item 7 plus operating income reported in item 8 minus the sum of total investment expenses reported in item 9.7, total administration expenses and operating expenses