Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p25
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 25/29)
Character Range: 118424–121649

commissions) that forms part of any fee or cost in the Fees and Costs Summary table, including (if known to the responsible entity):

                     (i) the method of calculation of the remuneration;

                     (ii) the amounts or range of amounts;

                     (iii) whether the amounts are negotiable or rebatable; and

                     (iv) the way in which amounts may be negotiated or rebated;

                  Negotiable fees and flexible charging structures

                  (o) for fee or cost that is negotiable—contact details of the person or body with whom the fee or cost can be negotiated and the manner of negotiation;

                  (p) if the issuer has instituted a flexible charging structure—for each applicable fee, if known:

                     (i) any maximum, and when it would apply; and

                     (ii) any waiver, and when it would not apply;

                  Worked examples

                  (q) worked examples (if appropriate).

           Part 3—Fees and costs in periodic statements

              Division 1—Fees and costs

           301 Total Fees and Costs

                  (1) The following text and the appropriate amounts, in dollars, must be displayed in a summary part of the periodic statement.

                   Total fees and costs you paid

                   $[insert relevant amount for member]

                   This amount includes all fees and costs of your membership during the period, excluding any fees and costs related to any financing arrangement.

                  (2) The "total fees and costs you paid" is the total of all the fees and costs disclosed in the periodic statement.

                  (3) The amount must be shown as a single total amount in dollars.

                  (4) For an interest in the scheme that is subject to tax—if a reduced fee or cost is disclosed in the periodic statement because of the benefit of any tax deduction, the fees and costs charged must include the part of the cost that reduced the disclosed fee or cost.

                  (5) Fees and costs associated with a financing arrangement obtained by the member to acquire their membership or PAYG points are not required to be disclosed in the periodic statement.

              Division 2—Additional Explanations of Fees and Costs

             302 Matters to be included

              The following information must be included in the periodic statement under the heading "Additional explanation of fees and costs", if it has not been included in another part of the periodic statement:

                     (a) details of incidental fees, such as cheque dishonour fees, that were incurred by the member during the period;

                     (b) details of any service fees that may have been incurred by the member during the period;

                     (c) where the member's interest is sold as a result of forfeiture or hardship withdrawal—details of any amounts deducted from the proceeds of the sale; and

                     (c) for an interest in the scheme that is subject to tax—whether the benefit of any tax deduction has been passed onto the member in the