Document ID: chunk:federal_register_of_legislation:F2017L00727:body:0:p9
Version: federal_register_of_legislation:F2017L00727
Segment Type: other
Provision Reference: 
Character Range: 22663–25639

of all tax effects.

Transfers of reserves

Item 12 and item 13 collect reserve movements that impact the net assets available to pay members' benefits of a MySuper product. Excludes: Members benefits into the RSE already reported in item 1 of this form.

Item 12                                                                          Report transfers into reserves affecting net assets available to pay members' benefits in item 12. Excludes: members' benefits flows paid into the MySuper product already reported in item 1.

Transfers into reserves affecting net assets available to pay members' benefits  Represents the total value transferred into a reserve resulting in an increase in the net assets available to pay members' benefits. Includes: amounts transferred from the RSE licensee directly into a reserve held by the RSE.

Item 13                                                                            Report transfers out of reserves affecting net assets available to pay members' benefits in item 13. Excludes: Members benefits out of the RSE already reported in item 2.

Transfers out of reserves affecting net assets available to pay members' benefits  Represents the total value transferred out of a reserve that results in a decrease in the net assets available to pay members' benefits. Excludes: expenses where the source of payment, or portion thereof, was a reserve.

Change in net assets available to pay members' benefits

Item 14 collects the net change in assets available to pay members' benefits of a MySuper product.

Item 14                                        Item 14 is a derived item. Report change in net assets available to pay members' benefits in item 14 as the net of members' benefits flows in, in item 1 and members' benefits flows out in item 2, plus profit/loss after income tax in item 11 and transfers into reserves affecting net assets available to pay members' benefits reported in item 12, minus transfers out of reserves affecting net assets available to pay members' benefits reported in item 13.

Net assets available to pay members' benefits  Represents the surplus of total assets less total liabilities which is underlying the value of members' benefits. Includes: reserves.

Interpretation

For the purposes of these instructions:

     * accrued default amount has the meaning given in section 20B of the SIS Act;

     * exempt public sector superannuation scheme (EPSSS) has the meaning given in section 10(1) of the SIS Act and is a public sector scheme nominated by its respective Commonwealth, state or territory government to be exempt from the SIS Act;

     * MySuper product means a MySuper product within the meaning given in section 10(1) of the SIS Act regardless of whether or not it has a lifecycle investment strategy (within the meaning given in section 29TC(2) of the SIS Act);

     * RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act;