204Column 2—presentation of amounts

204 Column 2—presentation of amounts

(1) This clause, clause 205 and clause 206 are subject to regulations 7.9.15A, 7.9.15B and 7.9.15C.

(2) If a particular fee or cost is not charged, “nil”, “zero”, “0” or “not applicable” (if it would not be misleading) must be written in column 2 opposite the type of fee or cost.

(3) If it is not possible to determine a single amount or percentage of a fee or cost, it may be written as a range of fees or costs.

(4) If the exact amount of a fee or cost paid or payable is not known, an amount that is a reasonable estimate of the amount attributable to the retail client must be shown.

(5) An amount set out in accordance with subclause (4) must be clearly designated as an estimate.

(6) If an amount or cost has a number of components, the amount of each component must be listed separately.

Example: Management fees and costs: 1.8% of product holder’s balance + $70 per year.

(7) A cost or amount paid or payable must be shown (as applicable):

(a) for each collective investment product or superannuation product—gross of:

(i) income tax and GST, after being reduced by any reduced inputs tax credits; and

(ii) stamp duty; and

(b) for each collective investment product offered by an Australian passport fund or notified foreign passport fund—gross of:

(i) any indirect taxes equivalent to GST that are payable in another jurisdiction, after being reduced by any applicable tax credits that are available in that jurisdiction; and

(ii) any duties equivalent to stamp duty that are payable in another jurisdiction; and

(c) without adjustment in relation to:

(i) any tax deduction available to the responsible entity, operator or trustee; or

(ii) the extent to which any tax deduction may be passed on to product holders.