Document ID: chunk:federal_register_of_legislation:F2017L00725:body:0:p17
Version: federal_register_of_legislation:F2017L00725
Segment Type: other
Provision Reference: 
Character Range: 48754–51750

in item 14.1 and item 14.2.

Profit/loss

Item 16 to item 18 inclusive collect the profit/loss before and after income tax of the RSE.

Item 16                        Item 16 is a derived item. Report profit/loss before income tax in item 16 as the sum of net flows from superannuation activities reported in item 12 and net flows from insurance activities reported in item 15.

Profit/loss before income tax  Represents total income less total expenses gross of any tax effects.

Item 17                     Report income tax expense/benefit in item 17.

Income tax expense/benefit  Represents income tax expense/benefit incurred, comprising the sum of current tax expense/income less tax benefits and tax expenses, and deferred tax expense/income. Includes: Capital gains tax on investment disposals, over/under provision for income tax in prior years to adjust prior year income tax provisions. Excludes: Contributions tax and contributions surcharge.

Item 18                       Item 18 is a derived item. Report profit/loss after income tax in item 18 as profit/loss before income tax reported in item 16 minus income tax expense/benefit reported in item 17.

Profit/loss after income tax  Represents total income less total expenses net of all tax effects.

Transfers of reserves

Item 19 and item 20 collect reserve movements that impact the net assets available to pay members' benefits of an RSE.

Item 19  Report transfers into reserves affecting net assets available to pay members' benefits in item 19. Excludes: members' benefits flows into the RSE already reported in item 1.

Transfers into reserves affecting net assets available to pay members' benefits  Represents the total value transferred into a reserve that results 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 20                                                                            Report transfers out of reserves affecting net assets available to pay members' benefits in item 20. Excludes: members' benefits flows 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 21 collects the net change in assets available to pay members' benefits of an RSE.

Item 21                                        Item 21 is a derived item. Report change in net assets available to pay members' 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