CORPORATIONS REGULATIONS 2001 - REG 7.9.60B Disclosure of transactions in periodic statements

CORPORATIONS REGULATIONS 2001 - REG 7.9.60B

  (1)   This regulation applies to the following periodic statements:

  (a)   for a financial product other than a superannuation product, a managed investment product, a foreign passport fund product or an investment life insurance product--a periodic statement in relation to a reporting period commencing on or after 1   July 2005;

  (b)   for a superannuation product:

  (i)   if the periodic statement is not an exit statement--a periodic statement in relation to a reporting period commencing on or after 1   July 2005; and

  (ii)   if the periodic statement is an exit statement--a periodic statement issued on or after 1   July 2006;

  (c)   for a managed investment product:

  (i)   if the periodic statement is not an exit statement--a periodic statement in relation to a reporting period commencing on or after 1   July 2006; and

  (ii)   if the periodic statement is an exit statement--a periodic statement issued on or after 1   July 2007;

  (d)   for an investment life insurance product:

  (i)   if the periodic statement is not an exit statement--a periodic statement in relation to a reporting period commencing on or after 1   July 2005; and

  (ii)   if the periodic statement is an exit statement--a periodic statement issued on or after 1   July 2006.

  (2)   For paragraph   1017D(5)(c) of the Act, the periodic statement must include a brief description of each transaction in relation to the product during the reporting period.

  (3)   The amount of a transaction must include, if applicable:

  (a)   GST; and

  (b)   stamp duty; and

  (c)   income tax, after deductions have been taken into account.

  (4)   The description of a contribution paid into a superannuation account must be sufficient to identify the source of the contribution, if that information has been recorded by the fund.

  (5)   A transaction (other than a contribution) of the same kind as another transaction may be described with the other transaction in a single item in the periodic statement if:

  (a)   it is practicable to do so; and

  (b)   the items are described together on a consistent basis in the periodic statement.

Example:   If a member incurs a weekly management cost, the transactions may be grouped consistently on a monthly basis in the member's periodic statement.

  (6)   For a superannuation product, a managed investment product, a security in a CCIV or a foreign passport fund product, the only fees and costs that need to be itemised in a periodic statement are the fees and costs shown in the fees and costs template for a Product Disclosure Statement in Part   2 of Schedule   10.

  (7)   The fees and costs mentioned in subsection   (6) must be described using the terms used in the template.