Document ID: chunk:federal_register_of_legislation:F2017L00728:body:0:p6
Version: federal_register_of_legislation:F2017L00728
Segment Type: other
Provision Reference: 
Character Range: 13886–17043

the sum of defined contribution members' benefits reported in item 5.1, defined benefit members' benefits reported in item 5.2 and unallocated contributions reported in item 5.3.

                                 For a defined benefit member that has both defined benefit members' benefits and defined contribution members' benefits, report the portion that is attributed to that member's defined benefit members' benefits in item 5.2 and the portion that is attributed to that member's defined contribution members' benefits in item 5.1. Otherwise, where the last triennial review has been adopted in accordance with Australian Accounting Standards, report the value of that member's defined benefit members' benefits and defined contribution members' benefits in accordance with the last triennial review.

Liability for members' benefits  Represents the present obligation to members and beneficiaries for benefits they are entitled to receive in the future as a result of membership of the RSE. Excludes: reserves. Reference: Australian Accounting Standards.

Defined contribution members' benefits  Represents the present obligation to pay benefits to defined contribution members and beneficiaries. Reference: Australian Accounting Standards.

Defined benefit members' benefits       Represents the present value of expected future benefit payments to defined benefit members and beneficiaries arising from membership, measured using actuarial assumptions and valuations where appropriate. The concept of defined benefit members' benefits aligns with the concept of 'defined benefit member liabilities' as defined in Australian Accounting Standards.

Unallocated contributions               Represents contributions received but not yet allocated to specific member accounts or reserves. Reference: Australian Accounting Standards.

Item 6                         Item 6 is a derived item. Report surplus/deficit in net assets in item 6 as net assets available for member benefits reported in item 3 minus the sum of total reserves reported in item 4 and total liability for member benefits reported in item 5.

                               Report a surplus as a positive number, and a deficit as a negative number.

Surplus/deficit in net assets  Represents the excess/deficiency in net assets available for members' benefits against total liability for members' benefits. Excludes: reserves, unallocated contributions. Reference: Australian Accounting Standards.

Item 7             Report only one balance type in item 7.

                   If an RSE has a balance date of 30 June, report the value of net assets available for member benefits of the RSE, as at 30 June, in item 7.1; otherwise, leave item 7.1 blank. For the purposes of this item, the value reported must equal the audited net assets available for member benefits reported in item 3.

                   If an RSE has a balance date of 30 June, and the assets of the RSE consist entirely of individual policies and the audited net assets available for member benefits as at 30 June is not known by the insurer, report the notional balance of the RSE, as at 30 June, in item