Document ID: chunk:federal_register_of_legislation:F2017L00730:body:0:p7
Version: federal_register_of_legislation:F2017L00730
Segment Type: other
Provision Reference: 
Character Range: 16957–19883

to a beneficiary where a condition of release within the meaning given in Schedule 1 of the SIS Regulations is satisfied.

Account closure: Consolidation of accounts  Represents a member account closed where all benefits in that account have been consolidated with another account of the same member in the same RSE.

Account closure:  Outward rollover          Represents a member account closed where all benefits in that account have been rolled out/transferred to another RSE. Exclude: rollovers due to successor fund transfers. Reference: SIS Regulation, r. 1.03.

Account closure:  Successor fund transfer   Represents a member account closed where a member's benefit is transferred without the member's consent from one RSE to a successor fund within the meaning given in r. 1.03 of the SIS Regulations. Reference: SIS Regulations, r. 6.29.

New member account: Member, taxed phase     Represents a member account created where the member has elected to set up a taxed phase member account and, that is not associated with the member's employer. Taxed phase represents where the members' benefits are liable for income tax on earnings due to the members' benefits being identified as in the 'accumulation phase'. Reference: ITAA, Division 294, Division 307.

New member account: Member, tax free phase  Represents a member account created where the member has elected to set up a tax free phase member account and, that is not associated with the member's employer. Tax free phase represents where the members' benefits are no longer liable for income tax on earnings due to the members' benefits being identified as in the 'retirement phase'. Reference: ITAA, Division 294, Division 307.

New member account: Employer sponsor        Represents a member account created where the member's employer is an employer sponsor of the fund. Reference: SIS Act, s. 16(1).

Member interest switching

Item 6 collects the switching activity of member interests, including the value of the switching amount.

Reporting basis: report item 6 with respect to events that occurred during the reporting period.

Unit of measurement: report column 2 as a whole number; report column 3 as thousands of dollars.

Item 6   Report each type of member interest movement as a separate line in item 6.

         Report the type of member interest movement in column 1.

         For each type of member interest movement reported in column 1, report the number of member accounts that have undertaken a switch in column 2.

         Report the value of members' benefits that have been switched in column 3 as the sum of defined contribution members' benefits and defined benefit members' benefits. Do not include unallocated contributions.

         The types of member interest movement are: switch from MySuper product to MySuper product, switch from choice product to MySuper product, switch from MySuper product to choice product