Document ID: chunk:federal_register_of_legislation:F2017L00727:body:0:p6
Version: federal_register_of_legislation:F2017L00727
Segment Type: other
Provision Reference: 
Character Range: 14032–17171

is benefit payments in item 2.1.

Benefit payments  Represents lump sum benefit payments and pension benefits paid directly to members. Includes: insurance claim benefits or proceeds first credited to members' accounts and subsequently disbursed along with members' benefits to the member or beneficiary. Excludes: rollovers and successor fund transfers. Reference: SIS Regulations, Divisions 6.2 and 6.3; Superannuation Industry (Unclaimed Money and Lost Members) Act 1999, Part 4A.

Superannuation activities

Item 3 to item 7 inclusive collect income and expenses arising from superannuation activities of the MySuper product related to investments, administration and operations. Report income gross of any related expenses i.e. do not net investment expenses against investment income. Report expenses gross of any deductions or related rebates i.e. do not net related rebates against investment expenses.

Where an RSE licensee has not determined an approach to apportioning the total value of income and expense to a MySuper product, the RSE licensee must use the minimum apportionment basis.

Minimum apportionment basis: Item 3 and item 5 must be reported by apportioning the total value of income or expense that was incurred during the reporting period, against the value of investments of the MySuper product as at the end of the reporting period. Item 6 and item 7 must be reported on this basis also if the corresponding administration fee or advice fee was charged on a percentage basis.

Item 4 must be reported by apportioning the total value of income that was incurred during the reporting period, against the number of member accounts of the MySuper product as at the end of the reporting period. Item 6 and item 7 must be reported on this basis also if the corresponding administration fee or advice fee was charged on a dollar basis.

Item 3                              Report investment income and gains/losses in item 3.

Investment income and gains/losses  Represents the total investment income from superannuation activities. Includes: investment income after impairment expense, gains/losses on investments and other investment income.

Item 4            Report operating income in item 4.

Operating income  Represents income sourced from miscellaneous operating activities. Includes: income from scrip lending; income associated with underwriting activities; fees and commissions; rebates on fees charged to members, costs, commissions and charges; and other miscellaneous income. Excludes: investment income.

Item 5               Report investment expenses in item 5.

                     Report the portion of investment expenses associated with investment management base fee in item 5.1 and the portion of investment expenses associated with investment management performance based fee in item 5.2.

Investment expenses  Represents expenses that relate to the investment of the assets of the entity. Includes: expenses for which investment fees are charged and expenses associated with generating income on investments.

Investment management  base fee              Represents investment fees