103Transaction costs

103 Transaction costs

(1) Transaction costs include any of the following:

(a) brokerage;

(b) buy-sell spread;

(c) settlement costs (including custody costs);

(d) clearing costs;

(e) stamp duty on an investment transaction;

(f) for a collective investment product—the costs in relation to the derivative financial products that satisfy paragraphs (a) or (b) of subclause 101A(4);

(g) costs incurred in or by an interposed vehicle that would be transaction costs if they had been incurred by the superannuation entity to which the superannuation product or investment option relates or for the registered scheme or notified foreign passport fund to which the collective investment products relate;

(ga) for a MySuper product or an investment option offered by a superannuation entity—transaction costs that are debited from reserves that, in a period, exceed amounts credited to reserves in that period that are also transaction costs;

but does not include:

(h) excluded transactional and operational costs; and

(ha) performance fees; and

(i) costs that are otherwise charged as administration fees and costs, investment fees and costs or management fees and costs.

(2) Excluded transactional and operational costs means any of the following:

(a) borrowing costs;

(b) property operating costs;

(c) unless the costs are indirect costs covered by sub-subparagraph 101A(3)(a)(ii)—implicit transaction costs or market impact costs