230Matters to be included

230 Matters to be included

The following information must be included under the heading “Additional Explanation of Fees and Costs” if it is relevant to the interests in the scheme offered under the Product Disclosure Statement:

Levies

(a) information about annual, special and any other kind of levies, including:

(i) the types of costs and expenses covered by each type of levy;

(ii) any interest or fees charged for late payment of levies;

(iii) what happens when a member does not pay levies by the due date;

(iv) when annual levies will be invoiced;

(v) if a special or other levy is proposed or reasonably anticipated to be charged in the future—an explanation of the purpose of the levy and the key assumptions underlying the purpose, and the anticipated or proposed date of invoicing;

(vi) a description of the circumstances in which any special and other levies can be charged, and how they would be calculated;

(vii) the total amount of all levies other than annual levies, invoiced for each year of the 3-year period before the date of the Product Disclosure Statement, with an explanation of their purpose;

(viii) if applicable, a statement about the responsible entity’s power to vary levies; and

(ix) how to obtain a copy of the scheme’s annual budget;

Suspension and forfeiture for non-payment

(b) information about suspension and forfeiture of a membership interest due to failure to pay levies or failure to pay other fees or costs, including any fees or costs that may be incurred in selling a forfeited membership that will be payable from the proceeds received from the sale of the forfeited membership;

Management fees

(c) information about the amount payable to the responsible entity or any delegate or associate of the responsible entity for managing the scheme, including:

(i) for allocation points-based and interval-based programs—the amount stated as a percentage of the annual operating budget of the scheme, with a worked example showing the amount in dollars per year for the membership option used in the Example of Annual Fees and Costs;

(ii) for a PAYG points-based program—details of how the amount is determined;

Application of purchase price monies

(d) information about how the purchase price is applied including any arrangements with and payments to an associate of the responsible entity;

Changes to fees and costs

(e) the following information about changes to the fees and costs, if applicable:

(i) information about the responsible entity’s right to vary the amount of the fees without the member’s consent;