Document ID: chunk:federal_register_of_legislation:F2023C00048:body:0:p1
Version: federal_register_of_legislation:F2023C00048
Segment Type: other
Provision Reference: 
Character Range: 0–3034

ASIC Corporations (Generic Calculators) Instrument 2016/207

About this compilation

Compilation No. 5

This is a compilation of ASIC Corporations (Generic Calculators) Instrument 2016/207 as in force on 1 January 2023. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Exemption
5 Exemption for providers of financial calculators
6 Conditions
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This instrument is ASIC Corporations (Generic Calculators) Instrument 2016/207.

3 Authority
This instrument is made under paragraphs 926A(2)(a) and 951B(1)(a) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
assumptions means the factors (which may be changed by the user) that are applied by a financial calculator in working out the estimate.
estimate means the result of a numerical calculation performed by a financial calculator.
financial calculator means a facility, device, table or other thing used to make a numerical calculation or find out the result of a numerical calculation relating to a financial product, other than a superannuation calculator.
Note:  The facility, device, table or other thing will not be a financial calculator to the extent that its output goes beyond the numerical result of a calculation and a description of what that result is. For example, an electronic facility will not be a financial calculator to the extent that it makes a recommendation about a particular financial product.

       present value of an estimate worked out by a financial calculator of an amount payable at a future time is the amount worked out using the following formula:

       where:

       C is the estimate of the amount payable at the future time.

       n is the number of years and part years between the present date and the future time that the amount is payable; and

       r is 0.025 or such other assumed inflation rate (expressed as a decimal fraction) as is inputted by the user of the calculator.
           Note:    The default formula assumes an inflation rate of 2.5% (being the mid-point of the Reserve Bank of Australia's target range for inflation over the cycle).

statutory assumption means an assumption that reflects a rate or amount fixed by legislation.
           Note:  Statutory assumptions include a rate of taxation.

       superannuation calculator means a facility, device, table or other thing that relates to a superannuation product or an RSA product.

           Note:    A superannuation calculator may relate to something else (whether or not a financial product)