CORPORATIONS REGULATIONS 2001 - REG 7.9.20 Specific requirements for certain periodic statements: superannuation funds (other than self managed superannuation funds)

CORPORATIONS REGULATIONS 2001 - REG 7.9.20

  (1)   For paragraph   1017D(5)(g) of the Act, a periodic statement for a member of a fund (other than a self managed superannuation fund) must include the following details:

  (a)   the amount of the member's contributions during the reporting period;

  (b)   the amount of benefits rolled - over or otherwise transferred into the fund during the reporting period;

  (c)   the amount of withdrawals during the reporting period;

  (d)   the information about costs of transactions mentioned in regulation   7.9.75;

  (e)   the amount of any allotment of employer contributions during the reporting period;

  (f)   the amount of any allotment of net earnings during the reporting period (including, for a unitised product, the presentation of changes in price as amounts in dollars);

  (g)   the rate of any allotment of net earnings during the reporting period;

  (h)   the amount of bonuses that have accrued at the end of the reporting period;

  (i)   the amount of the sum assured;

  (j)   the amount payable in the event of the member's death:

  (i)   at the end of the reporting period; or

  (ii)   on the first day of the next reporting period;

    or the method by which that amount is worked out;

  (k)   for a reporting period (within the meaning of subsection   1017D(2) of the Act) commencing before 1   July 2004--details, including the amount or method of working out, of other significant benefits, including, in particular, disability benefits;

  (ka)   for a reporting period (within the meaning of subsection   1017D(2) of the Act) commencing on or after 1   July 2004:

  (i)   details of other significant benefits, including disability benefits, and the amount of the benefits at the end of the reporting period, or the method of working out the amount of the benefits; and

  (ii)   if the periodic statement includes an amount mentioned in subparagraph   (i)--a statement informing the holder of the product that:

  (A)   the details of the significant benefit reflects the situation for the member on the date shown in the statement and the amount might change; and

  (B)   the issuer is obliged to provide product holders with any information they reasonably require for the purpose of understanding their benefit entitlements; and

  (iii)   details of the means by which a product holder is able to gain access to information relating to the amount of a significant benefit;

  (kb)   if, in providing details of other significant benefits for a reporting period, a deduction for fees, charges or expenses has been made or might be made--details of the deduction;

  (l)   if the trustee is aware, or ought reasonably to be aware, of contributions that are due and payable during the reporting period but have not been paid to the fund at, or shortly before, the date of issue of the report, details of the amount of those contributions and of action that the trustee has taken, or proposes to take, to have the contributions paid;

  (m)   the net amount of Government co - contribution received during the reporting period;

  (n)   for a regulated superannuation fund--a statement of long - term returns, in accordance with regulation   7.9.20AA, of:

  (i)   the MySuper product or investment option within a choice product in which a member is invested; or

  (ii)   the sub - plan, or, if none, the fund in which the member holds an interest;

  (o)   for a regulated superannuation fund, if the trustee is required to make publicly available a product dashboard for the investment option, under section   1017BA of the Act--the latest product dashboard for the investment option.

  (2)   For paragraph   (1)(g), if the earnings rate for members of the fund is reflected in the price of units of the fund, rather than being credited or debited against the accounts of members, an earnings rate allotted to members in respect of a period is taken to be a change in the value of the members' units being determined by the trustee in respect of that period.

  (2A)   For paragraph   (1)(m), the periodic statement may state separately:

  (a)   the amount of Government co - contributions received; and

  (b)   the amount of low income superannuation contributions received; and

  (c)   the amount of low income superannuation tax offsets received.

Note:   See section   12B of the Superannuation (Government Co - contribution for Low Income Earners) Act 2003 for the way in which a law that applies in relation to a Government co - contribution applies in relation to a low income superannuation tax offset.

  (3)   A nil amount need not be disclosed.