activity fee: a fee is an activity fee for a superannuation product if:
(a) the fee relates to costs incurred by the trustee, or the trustees, of a superannuation entity that are directly related to an activity of the trustee, or the trustees:
(i) that is engaged in at the request, or with the consent, of a member; or
(ii) that relates to a member and is required by law; and
(b) those costs are not otherwise charged as administration fees and costs, investment fees and costs, transaction costs, a buy‑sell spread, a switching fee, an advice fee or an insurance fee.
administration fees and costs, for a superannuation product, means the fees and costs that relate to the administration or operation of the superannuation entity to which the product relates and include:
(a) costs that relate to that administration or operation debited from reserves that, in a period, exceed amounts credited to reserves in that period that are also administration fees and costs;
(aa) distribution costs;
(b) indirect costs that relate to that administration or operation; and
(c) intra-fund advice costs;
but do not include:
(d) transaction costs and excluded transactional and operational costs; and
(e) costs that are otherwise charged as investment fees and costs, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.
advice fee:
(a) for a superannuation product—is a fee that relates directly to costs (other than intra-fund advice costs) incurred by the trustee, or the trustees, of a superannuation entity because of the provision of financial product advice to a member by:
(i) a trustee of the entity; or
(ii) another person acting as an employee of, or under an arrangement with, a trustee or trustees of the entity;
where those costs are not otherwise charged as administration fees and costs, investment fees and costs, transaction costs, a switching fee, an activity fee or an insurance fee; and
(b) for a collective investment product—means an amount that is:
(i) paid or payable to a financial adviser for financial product advice to a retail client or product holder about an investment; and
(ii) not included in a contribution fee, withdrawal fee, exit fee, establishment fee, management fees and costs or transaction costs.
balanced investment option means an investment option in which the ratio of investment in growth assets, such as shares or property, to investment in defensive assets, such as cash or bonds, is as close as practicable to 70:30.
Section 101 - ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 - Definitions | Zoe
borrowing costs means costs, including costs in an interposed vehicle, relating to a credit facility within the meaning of regulation 7.1.06 relating to the provision of credit within the meaning of subregulation 7.1.06(3).
brokerage means an amount paid or payable to a broker for undertaking a transaction for the acquisition or disposal of a financial product.
buy‑sell spread:
(a) for a superannuation product—a fee to recover costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the sale and purchase of assets of the entity; and
(b) for a collective investment product—means an amount, deducted from the value of a financial product of a product holder, that represents an apportionment, among product holders, of the actual or estimated costs incurred in transactions by the managed investment scheme; and
(c) despite paragraphs (a) and (b), in clause 103(1) and 209(j) (unless otherwise specified)—means an amount that is:
(i) deducted from the value of an investment that represents an apportionment, among investors, of the actual or estimated costs incurred in transactions by the investment; and
(ii) incurred by a superannuation trustee, responsible entity or operator of a notified foreign passport fund.
collective investment product means a managed investment product or a foreign passport fund product.
contribution fee means an amount paid or payable against the initial, and any subsequent, contributions made into a product by or for a retail client for the product.
Note: A contribution may be made by an employer on behalf of the product holder or retail client.
distribution costs means the costs or amounts paid or payable for the marketing, offer or sale of a product.
Note: This includes any related adviser remuneration component other than an advice fee.
establishment fee means an amount paid or payable for the establishment of a client’s interest in a product.
Note: This does not include contribution fees paid or payable against the initial contribution into the product.
excluded transactional and operational costs has the meaning given by clause 103(2).
exit fee:
(a) for a superannuation product—is a fee, other than a buy‑sell spread, that relates to the disposal of all or part of a member’s interests in a superannuation entity; and
(b) for a collective investment product—means an amount paid or payable on the disposal of all interests held in the product.
financial year means:
(a) in relation to a collective investment product—a financial year of the registered scheme or notified foreign passport fund to which the product relates; and
(b) in relation to a superannuation product—a period of 12 months ending at the end of a fund reporting period determined under regulation 7.9.32 for holders of the superannuation product.
incidental fees means costs or amounts, other than costs or fees defined in this clause, that are:
(a) paid or payable in relation to the product; and
(b) not material to a retail client’s decision to acquire, hold or dispose of his or her interest in the product.
Example: Cheque dishonour fees.
indirect cost has the meaning given by clause 101A.
insurance fee: a fee is an insurance fee for a superannuation product if:
(a) the fee relates directly to either or both of the following:
(i) insurance premiums paid by the trustee, or the trustees, of a superannuation entity in relation to a member or members of the entity;
(ii) costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the provision of insurance for a member or members of the entity; and
(b) the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk; and
(c) the premiums and costs to which the fee relates are not otherwise charged as administration fees and costs, investment fees and costs, transaction costs, a switching fee, an activity fee or an advice fee.
interposed vehicle has the meaning given by clause 101B.
intra-fund advice costs, for a superannuation product in relation to a superannuation entity, means costs incurred by the trustee, or the trustees, of the entity:
(a) in making available to all members investing in a particular MySuper product or investment option; and
(b) in providing to one or more of such members;
financial product advice in relation to the product by:
(c) a trustee of the entity; or
(d) another person acting as an employee of, or under an arrangement with, a trustee or trustees of the entity;
but does not include costs charged as advice fees.
Note: Certain advice costs may be collectively charged: see section 99F of the Superannuation Industry (Supervision) Act 1993.
investment fees and costs, for a superannuation product, means the fees and costs that relate to the investment of the assets of the superannuation entity to which the product relates and includes:
(a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and
(b) costs that relate to the investment of assets of the entity that are debited from reserves that, in a period, exceed amounts credited to reserves in that period that are also investment fees and costs;
(c) indirect costs that relate to the investment of assets of the entity;
but do not include:
(d) transaction costs and excluded transactional and operational costs; and
(e) costs that are otherwise charged as administration fees and costs, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.
lifecycle MySuper product has the meaning given by regulation 7.9.07N.
lifecycle stage has the meaning given by regulation 7.9.07N.
management fees and costs has the meaning given by clause 102.
performance fee has the meaning given by clause 101C.
property operating costs means amounts that are paid or payable in relation to the holding of real property or an interest in real property.
responsible person means the person who, or on whose behalf, a Product Disclosure Statement for a financial product is required to be prepared.
service fees means advice fees, special request fees and switching fees.
special request fees includes fees paid or deducted from a product holder’s collective investment product for a request made to the managed investment scheme.
Example: This applies to a fee for a request for additional information from a managed investment scheme.
switching fee:
(a) for a MySuper product—means a fee to recover the costs of switching all or part of a member’s interest in a superannuation entity from one class of beneficial interest in the entity to another; or
(b) for a superannuation product other than a MySuper product—means a fee to recover the costs of switching all or part of a member’s interest in the superannuation entity from one investment option or product in the entity to another; or
(c) for a collective investment product—means an amount paid or payable when a product holder transfers all or part of the product holder’s interest in the collective investment product from one investment option to another.
transaction costs has the meaning given by clause 103(1).
withdrawal fee, for a collective investment product, means an amount, other than an exit fee, paid or payable in respect of: