Document ID: chunk:federal_register_of_legislation:F2024L00653:body:0:p2
Version: federal_register_of_legislation:F2024L00653
Segment Type: other
Provision Reference: 
Character Range: 2938–8373

and Costs
          * Reporting Standard SRS 251.0 Insurance
          * Reporting Standard SRS 332.0 Expenses
          * Reporting Standard SRS 550.0 Asset Allocation

    3.             Unless the contrary intention appears, definitions in this Reporting Standard apply to all the reporting standards listed in paragraph 2.

    4.             This Reporting Standard applies to reporting periods ending on or after 30 June 2024.

General

    5.             Terms defined in this Reporting Standard appear in bold italics.

Interpretation

    6.             In this Reporting Standard, unless the contrary intention appears, a reference to an Act, Regulation, Prudential Standard, Australian Accounting Standard or Auditing Standard is a reference to the instrument as in force or existing from time to time.

Overview

    7.             Definitions in this Reporting Standard are presented alphabetically.

Definitions

Numeric

2017 (RG 97 version)  Means superseded ASIC Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements (RG 97), dated March 2017.

2020 (RG 97 version)  Means ASIC Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements (RG 97), dated July 2020.

A

ABN (Australian Business Number)                                                          Has the meaning as in section 41 of the A New Tax System (Australian Business Number) Act 1999.

                                                                                          Means the available access channels to the superannuation product.

                                                                                          The access types are:
Access type
                                                                                              * Individual No Advisor Required;
                                                                                              * Individual Advisor Only;
                                                                                              * Standardised Employer;
                                                                                              * Tailored Employer; and
                                                                                              * Combined Access Type.
Accounting adjustments (expense type) / (engagement type)                                 Means any accounting adjustments including amortisation or depreciation.

 Accounting and Finance (expense type)                                                    Means the expense incurred for the provision of accounting and finance services to the reporting entity.

Accumulation (product phase)                                                              Means the same as 'growth phase' as in regulation 1.03 AB of the SIS Regulations.

Activities Of Daily Life (ADL) (TPD assessment criteria)                                  Means a type of TPD assessment criteria that requires claimants to show that they are unable to perform activities of daily life (ADL), such as the ability to feed oneself, walking, dressing or bathing.

Activity fee                                                                              Means a fee charged to a member that relates to an activity of an RSE licensee that is engaged in at the request, or with the consent, or a member or that relates to a member and is required by law.  Reference: Section 29V(7) of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

                                                                                          Means the type of activity fees that can be reported, the activity fee types are:

                                                                                              * Advice Fee;
                                                                                              * Brokerage Fee;
                                                                                              * Buy Sell Spread;
                                                                                              * Contribution Fee;
                                                                                              * Contribution Splitting Fee;
                                                                                              * Dishonoured Payment Fee;
                                                                                              * Establishment Fee;
Activity fee type                                                                             * Family Law;
                                                                                              * Financial Advice;
                                                                                              * Financial Hardship Application;
                                                                                              * Insurance Fee;
                                                                                              * Lost Member Search Fee;
                                                                                              * No TFN Tax Recovery Fee;
                                                                                              * Non Intrafund Advice Fee;
                                                                                              * Switching