Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p16
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 42533–45388

clause 214, the part of administration fees and costs and investment fees and costs for a MySuper product or an investment option offered by a superannuation entity disclosed in a Product Disclosure Statement that is available during a particular financial year that relates to the costs (including indirect costs) incurred by the trustee of the superannuation entity or in an interposed vehicle or derivative financial product is to be determined:

                (a) based on the costs for the previous financial year; or

                (b) if the product or investment option was offered from at least 11 months before the end of the previous financial year but for less than a full financial year—based on the costs for that period and adjusted, to reflect a 12 month period; or

                (c) if the product or investment option was not offered from at least 11 months before the end of the previous financial year and not first offered in the current financial year—based on the responsible person's reasonable estimate of the costs for the current financial year at the time the Product Disclosure Statement is prepared; or

                (d) if the product or investment option was first offered in the current financial year—based on the responsible person's reasonable estimate of the costs for the current financial year at the time the Product Disclosure Statement is prepared, adjusted to reflect a 12 month period.

            (2) This clause does not apply in relation to the part of investment fees and costs that comprises performance fees which, instead, is to be determined in accordance with clause 101C.

    104A Calculating costs in management fees and costs

        Despite clause 214, the part of the management fees and costs for an investment option offered by a managed investment scheme disclosed in a Product Disclosure Statement that is available during a particular financial year that relates to the costs (including indirect costs) incurred by the responsible entity or the operator of a notified foreign passport fund, or in an interposed vehicle or derivative financial product, is to be determined:

             (a) based on the costs for the previous financial year; or

             (b) if the investment option was offered from at least 11 months before the end of the previous financial year but for less than a full financial year—based on the costs for that period and adjusted, to reflect a 12 month period; or

             (c) if the investment option was not offered from at least 11 months before the end of the previous financial year and not first offered in the current financial year—based on the responsible person's reasonable estimate of the costs for the current financial year at the time the Product Disclosure Statement is prepared; or

             (d) if the investment option was