Document ID: chunk:federal_register_of_legislation:F2017L00725:body:0:p18
Version: federal_register_of_legislation:F2017L00725
Segment Type: other
Provision Reference: 
Character Range: 51522–54388

benefits in item 21 as the sum of net members' benefits flows reported in item 3, profit/loss after income tax reported in item 18 and transfers into reserves reported in item 19, minus transfers out of reserves reported in item 20.

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:

     * acquired insurance means insured benefits provided to beneficiaries where the RSE licensee acquires the insurance from an insurer (refer to Prudential Standard SPS 250 Insurance in Superannuation);

     * defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in Prudential Standard SPS 160 Defined Benefit Matters;

     * eligible rollover fund (ERF) has the meaning given in section 10(1) 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;

     * capital gains tax (CGT) means tax payable on the capital gain made on the disposal of a non-exempt asset in accordance with the Income Tax Assessment Act 1997;

     * directed termination payment (DTP) means a life benefit termination payment or part payment that an individual has directed to a complying superannuation fund in accordance with section 82-10F of the Income Tax (Transitional Provisions) Act 1997;

     * pooled superannuation trust (PST) has the meaning given in section 10(1) of the SIS Act;

     * RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, PST, ERF, small APRA fund or single member approved deposit fund[6];

     * RSE licensee has the meaning given in section 10(1) of the SIS Act;

     * self-insurance arrangements has the meaning given in the SIS Regulations and Prudential Standard SPS 250 Insurance in Superannuation;

     * SGAA means Superannuation Guarantee (Administration) Act 1992;

     * SIS Act means Superannuation Industry (Supervision) Act 1993;

     * SIS Regulations means Superannuation Industry (Supervision) Regulations 1994; and

     * SMSF means a self managed superannuation fund as defined in section 10(1) of the SIS Act.

    [1]  For the purposes of this Reporting Standard, an 'RSE licensee's business operations' includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee. For the avoidance of doubt, if the RSE licensee is trustee of more than one RSE,